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Update: Michael Kors Closes Deal On Acquiring Versace

Michael Kors to buy Versace for $2.1 billion.

Handbag maker, Michael Kors has finally reached a high end to buying the Italian fashion giant “Versace” for $2.1 billion.

After reaching a close deal, on Tuesday, the handbag maker plans to change its name to Capri Holdings, inspired by an iconic, spectacular and luxury destination island.

in a statement made by Donatella, on Tuesday, she said,

“My passion has never been stronger,” this is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow”

“We are all very excited to join a group led by [Michael Kors CEO] John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success,”

Michael Kors plans to keep Donatella, her brother and daughter Allegra, will stay on as shareholders in the company, also the management team will continue to be led by its CEO, Jonathan Akeroyd.


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