But Mr Armani's other suitor is an Italian and Mr Arnault's sworn enemy, Domenico De Sole, the boss of Gucci.

ECONOMIST: The cashmere revolutionary

Gucci's boss, Domenico de Sole, a fellow Calabrian, is thought to be friendly with the family, although Versace may prefer a flotation.

ECONOMIST: Families out of fashion

That the brand has survived the family is a tribute to the work of two Americans, Tom Ford and the Italian-born Domenico De Sole.

ECONOMIST: A question of inheritance

Gucci's Tom Ford and Domenico De Sole (the latter is a member of the board of forbes.com) have big plans to further build Gucci group's menswear revenues.

FORBES: Making Money In Style

Its boss, Domenico De Sole, who was brought in after the Gucci family lost control, is thought to have done a good job in a tough market.

ECONOMIST: LVMH and Gucci

In the spring of 2001, McQueen went to an Italian Vogue party in Monte Carlo at which Arnault's great rival, Domenico De Sole, the CEO of Gucci, was also a guest.

FORBES: Fashion's Hard Case