Michael Kors Is Buying Versace!
American designer & fashion brand Michael Kors will reportedly buy the Italian iconic fashion brand Versace in a deal worth $2.1 billion. Michael Kors, under the new name Capri Holdings, plans to grow Versace to $2 billion in revenue globally and increase the amount of stores to 300.
Versace has always been known as a family-run brand. So with this new buyout, what will become of the family's involvement with the brand? Word has it that the family's involvement will remain intact. In fact, Versace vice president and artistic director Donatella Versace will stay on at the luxury brand.
The Versace acquisition comes one year after Michael Kors also bought British luxury shoe maker Jimmy Choo for $1.2 billion.