Michael Kors Has Just Bought Versace for $2.1 Billion

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In breaking fashion news, Michael Kors has just bought Versace for just over $2 billion – a move that is being seen as Kors’ first step to becoming America’s first luxury group, capable of rivaling LVMH and Kering on the other side of the Atlantic. While Donatella Versace is remaining as creative director, the group has big plans for Italian label, saying they want to increase its stores from 200 to 300, build out its e-commerce and expanding its mens and womens accessories and footwear. “This is a very exciting moment for Versace,” Donatella said in a statement, adding that her brother Santo and daughter Allegra “recognise that this next step will allow Versace to reach its full potential.”