Michael Kors Buys VERSACE

Dropping a whopping 2.1 Bn on VERSACE, Michael Kors is to buy the brand and change its name to Capri Holding.

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• The handbag maker is acquiring Gianni Versace for $2.1 billion, including debt, providing Kors an entry into the exclusive high-end European luxury market.

• As part of the deal, Donatella Versace, who has helped run the company since her brother Gianni was murdered in 1997, will stay on to oversee the brand.

• The global market for personal luxury goods was estimated to be worth $307 billion in 2017.