Oh, So You Rich Rich: Michael Kors Purchase Versace For $2 Billion
Michael Kors has shaken up the fashion world with his latest acquisition. The designer reportedly purchased Versace, the beloved Italian fashion brand, for a $2.1 billion.
According to NPR, Kors will now change its corporate name to Capri Holdings, which is described as an homage to the "iconic, glamorous and luxury destination."
Kors' purchase of Versace isn't his first major business purchase. Last year, the 59 -year-old bought Jimmy Choo, the London-based shoe company for $1.2 billion.
Despite Kors being the owner, Donatella Versace, sister of the fashion's brand late founder Gianni, will remain as the creative lead.
"It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra," Versace said in a news release. "I am proud that Versace remains very strong in both fashion and modern culture. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow."
This new buy makes Kors an even bigger fish in the fashion world allowing him to compete with the likes of Louis Vuitton and Tapestry, which owns the parent of Coach and Kate Spade.