Michael Kors Buys Versace for $2 billion

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Michael Kors Holdings Ltd (NYSE:KORS)

is now the proud owner of Versace. The deal will close in the 4th fiscal quarter of 2019. Micheal Kors has long been looking to expand it’s brand presence in the fashion world. The new company  will be names Capri Holdings Limited and will trade under the ticker “CPRI”.

Michael Kors has made big moves in the past snapping up Jimmy Choo.

Donatella Versace will continue to run the helm of Versace, the iconic brand of luxury fashion.

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