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