The world-renowned luxury fashion brand Michael Kors has officially taken over the Italian fashion house Versace.
Michael Kors is known for its ready-to-wear women’s and men’s collection. The company has given a statement that it would buy Versace for $2.1 billion dollars in order to stay in the global luxury market by competing with the Europe’s conglomerates.
This would be considered as quite a big step for Michael kors in order to create a bigger name in the luxury market. Once the deal of buying Versace will be completed, the brand will change its name to Capri Holdings Limited. Michael Kors also believes that by acquiring one of the top high-end brand Versace, which was handled by Donatella Versace, will be a good move as they will be able to expand their collection and also cater to people who are willing to shell out big money.
Earlier Michael Kors also bought the high-end shoe brand Jimmy Choo.
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