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Michael Kors Buys Versace for $2.12 Billion
Michael Kors has bought Versace for $2.12 billion, which was confirmed on Tuesday (September 25) amid speculation. Donatella Versace, who ran the luxury fashion brand with her brother Santo and her daughter Allegra, released a statement about the deal, which read, “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture.” In addition to the billions, Donatella and her family will receive around $177 million in shares of the new company. Michael Kors chairman and CEO John D. Idol also commented on the deal, stating,…

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