The Original Fortrove Designer
Jewelry Blog

As of September 25th, Michael Kors has sealed the purchase of Versace with a $2.1 billion deal. A result of this closure, Michael Kors will be rebranding itself as Capri Holdings Limited, which will hopefully allow Versace to have a more extended reach in the world of accessories. The plan is for Capri to increase Versace's presence in 300 stores globally, upping the number from the current 200.

Various news sources were covering these recent business deals between the U.S. fashion brand and Italian design house, including ReutersBloomberg, and The Wall Street Journal

The Versace family currently still owns 80% of the company, and they will be retaining a stake in the brand and play a part in management as time continues. Donatella Versace is still creative director alongside her brother, Santo Versace, who occupies the Chairman position. Private equity firm Blackstone Group will be selling their 20% holding as a result of this deal.