An American Dream: Michael Kors bought Versace to $2.1

“I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves.”-Donatella Versace.

In the process of building the first American luxury house Michael Kors stepped up his game. Michael Kors Holdings LTD confirmed earlier reports they want buy all outstanding shares from Versace. It also announced the group will officially be called Capri Holdings Limited, named after the island of Capri, which the company referred to as an iconic, glamorous destination. Only couple of days ago, the industry was shocked by the news about the possibility of the major sale of Versace and yesterday the deal closed with2.1 billion dollars. And The Capri Company, became the new owner of Versace with 80% shares.

But dont worry, Donatella Versace will be staying as the creative director for the Italian luxury band.