Mickael Kors Buys Versace

It's now official: Mickael Kors buys Versace for a total value of 1.83 billion euros. This comes after last year's buying of Jimmy Choo shoes brand. Mickael Kors name will change into Capri Holdings as a new form of its multi luxury brand.

Versace, the epitome of Italian fashion luxury

"The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand's timeless heritage",said John D. Idol, Chairman and Executive Officer at Michael Kors, 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. With the full resources of our group, we believe that Versace will grow to over US$2.0 billion in revenues". 

As for Versace fans, the brand ensures them that it all stays the same in terms of fashion line and artistic vision. 

 I am proud that Versace remains very strong in both fashion and modern culture", said Donatella in the statement. "Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential".