US fashion mogul Michael Kors has confirmed a $2.1bn purchase of italian fashion company Versace, a company that has been ran by Donatella Versace, since the murder of her brother Gianni in 1997.
According to the former director, She described the move as a very exciting one as it would allow Versace to reach its full potentials.
Donatella will continue to lead Versace’s “creative vision”, said Michael Kors’s chief executive, John Idol.
Mr Idol said Versace represented the “epitome of Italian fashion luxury” and its acquisition was an important milestone for the company.
The company is now to be renamed Capri Holdings.
Another Private equity firm Blackstone Group, which bought a 20% stake in the firm four years ago, is expected to sell its holding.
The new CEO, MK, plans to increase the number of Versace outlets from 200 to 300 stores, and plans to increase sales and production of fast selling items, shoes and assesories.
However, alot of versace fans haven’t taken the news of the company sale so well, as some feel its was rather uneccesary.