Michael Kors has bought Versace for US$2.1 Billion, announcing new plans for the Italian legacy house.

It took a day for the headline of &#39;Michael Kors closing in a deal to buy Versace&#39; to become settled dust.

And it&#39;s official that the Italian fashion brand is now under the umbrella of Michael Kors Holdings LTD, which&nbsp;will now be&nbsp;renamed Capri Holdings Limited) and one who also <a href="https://www.lofficielmalaysia.com/fashion/michael-kors-has-just-bought-over-jimmy-choo" target="_blank">owns Jimmy Choo as one of its subsidiaries</a>.

Michael Kors Holding Ltd has completely acquired the Versace brand for about US$2.1 billion (equivalent to approx. RM8.7 billion).

According to the American luxury firm, the new chapter of Versace will be centring on its retail, including expanding Versace&#39;s global brick and mortar boutiques and e-commerce strategy. The house is also set to create more business from its women&#39;s,&nbsp;men&#39;s accessories and footwear collection, to top a 60% sales volume of its total revenues.

And for those of us the Versace devotees who have been hanging our hearts, Donatella Versace will remain as Versace&#39;s Creative Director, leading the aesthetic and vision of this iconic fashion giant.

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Source: The Business of Fashion

Versace is now under the umbrella of Michael Kors Holdings Ltd

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Versace is now under the umbrella of Michael Kors Holdings Ltd

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