Michael Kors buys Versace for $2.12 Billion

The two fashion houses made the announcement on Tuesday, 25th of September, to end speculations of a potential deal.

Donatello Versace, the artistic director of the Italian brand, whom took over, after the death of her brother in 1997, said it's the perfect time for the company to join Michael Kors.

The name will no longer be Versace but rather, Capri Holdings Limited.

The 3 members of the Versace family will also receive $177 million of shares.

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