Micheal Kors Has Officially Acquired Versace

 “This is a very exciting moment for Versace,” Donated Versace, told AP  Tuesday.

Michael Kors Holdings Ltd, now known as Capri Holdings, has officially brought the iconic brand for a reported price of $2.1 billion. Micheal Kors is doing its best to monopolize the fashion industry. Just last year, they acquired popular shoe brand, Jimmy Choo for $1.2 billion.

So What Does This Mean For Versace?

In short, Versace will still be Versace, don’t fret!

Donatella Versace will keep her 20 percent stake in the company as well as her title as creative director. Donatella, her brother, and her daughter will receive 150 million euros (about $177 million) worth of shares from the merger. When the deal closes, Michael Kors Holdings Limited will change its name to Capri Holdings Limited.

The Versace family as a whole will retain 80 percent control.

The merger will place an emphasis on Versace’s creation of accessories and footwear. Both products are estimated to bring  in 60 percent of revenue, a 35 percent increase from where they are now.

“It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra,” Donatella Versace on Versace sell.”I am proud that Versace remains very strong in both fashion and modern culture.”

Versace was founded by the late Giana Versace in 1978 under the name, “Gianni Versace Donna”. The first Versace boutique was opened in Milan’s Via della Spiga in 1978.