Michael Kors Buyout Versace For $2 Billion

Italian fashion giant Versace has officially been acquired for $2.12 billion by Michael Kors Holding Limited which has been renamed as Capri Holding Limited. 

The brand was founded by an iconic designer Gianni Versace in 1978, and since his death over 20 years ago, it has been managed by his sister Donatella Versace.

Speaking about the takeover by Capri, Donatella described it as an "exciting day for Versace" she has been presiding over for more than two decades alongside his brother Santo and daughter Allegra. 

"I am proud that Versace remains very strong in both fashion and modern culture," says Donatella " Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity as well as empowering people to express themselves."

After the acquisition, the brand name will remain as Versace and the family and some other executives will continues in their role under the new management. 

This is Capri (Michael Kors) second high profile brand acquisition after their first Jimmy Choo, which was takeover for $1.2 billion last year, as they broaden their outreach and competitiveness in the market.