Michael Kors Buys Versace In $2.1bn Deal theguardian.com

Michael Kors has confirmed its acquisition of Italian fashion house Versace for $2.1 bn (£1.6bn).

Donatella Versace, the brand’s artistic director and sister of founder Gianni Versace, will continue to lead the creative side of the business.

Versace boss Jonathan Akeroyd will also remain in place along with the rest of the brand’s senior management.

Michael Kors also said it will rename itself Capri Holdings upon the closing of the deal.