Michael Kors buys Versace for $2.2 billion

New York Post -

New York Post—US fashion label Michael Kors has agreed to buy Versace in a deal valuing the revered designer at $2.2 billion, the companies said on Tuesday, making it the latest Italian brand to fall into foreign hands. Michael Kors, whose namesake label is best known for its leather handbags, has made no secret of its ambition...

Michael Kors Buys Versace for More Than $2 Billion: 'This Is a Very Exciting Moment for Versace'. Michael Kors Holdings Limited, the luxury fashion group which includes Michael Kors and Jimmy Choo, is expanding its global reach with the $2.12 billion acquisition of Versace — and Donatella Versace will remain at the helm of the high-fashion Italian label she helped build with her family. As part of the expansion process, the company will change its name to Capri Holdings Limited, and plans to open 100 more stores, according to Business Wire. The new name “is inspired by the fabled island...