FASHION NEWS

Michael Kors bought Versace for $2.1B

Posted by NBC NEWS 

U.S. fashion group Michael Kors has agreed to take control of Versace in a deal that values one of Italy’s most prized designers at $2 billion, the company announced Tuesday.

Budding luxury conglomerates, including Michael Kors’ U.S. rival Tapestry, owner of Coach and Kate Spade, are trying to make in-roads into an industry still dominated by European players such as Louis Vuitton owner LVMH.

Michael Kors, whose namesake label is best known for its leather handbags, will change its name to Capri Holdings, the company said on Tuesday.

Versace, known for its bold and glamorous designs and its Medusa head logo, is one of a clutch of family-owned Italian brands cited as attractive targets at a time when the luxury industry is riding high on strong demand from China.

[Read More NBCNEW.COM]

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