Michael Kors buys Italian fashion house Versace
Michael Kors buys Italian fashion house Versace
Luxury goods maker Michael Kors Holdings has strike a deal to acquire Italian fashion house Gianni Versace. The cost of whole acquisition stands at $2.1 billion. 
Michael Kors operates in multiple categories including clothes, accessories, shoes, jewelry and eyewear informed that it would pay about $2.1 billion for Versace. 
 
The company said it would subsequently rename itself Capri Holdings, taking its new moniker from "the fabled island which has long been recognized as an iconic, glamorous and luxury destination."
The deal will enable the luxury goods company to open about 100 new stores throughout the world, up from about 200 today, and expand online sales. 
  "For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage," Michael Kors CEO John D. Idol said in a statement. "We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth. 
 
 
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