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Versace bought by Michael Kors for $2.1bn

American luxury handbag and clothing designer Michael Kors is buying Italian fashion house Gianni Versace for $2.1bn (?1.6bn).
The deal follows the New York company's acquisition last year of luxury shoemaker Jimmy Choo - made famous by TV series Sex and the City - for $1.35bn (€1.03bn).
It also announced it will rename itself Capri Holdings upon the closing of the deal.Versace, the Milan-based label founded in 1978 by Gianni Versace, has been run and majority-owned by the family since he was murdered 21 years ago in Miami Beach.On Monday Michael Kors Holdings was believed to be buying the eponymous fashion house for $2bn (€1.5bn), but the final figure was higher.
Versace bought by Michael Kors for $2.1bn

Image:
Donatella Versace arrives to announce the news to employees in Milan
There are plans to increase Versace's 200 retail stores worldwide to 300 and push the share of accessories and footwear revenues from 35% to 60%.Donatella Versace, Gianni's sister, who has become the face of the brand, will continue to lead the creative side of the business.Versace boss Jonathan Akeroyd, a former Alexander McQueen chief executive, will remain in place, as will the rest of the brand's senior management.
Versace bought by Michael Kors for $2.1bn

Image:
Versace employees queue to meet Donatella Versace in Milan as she announced the sale
Ms Versace said: "This is a very exciting moment for Versace. It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra.
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