MICHAEL KORS BUYS OUT VERSACE FOR $2.1 BILLION

The news of Versace being put up for sale went rife on the Internet earlier this week and it has finally gotten a buyer.

Michael Kors has agreed to buy the luxury brand Versace, according to AFP and In a statement released on Tuesday, Michael Kors’ CEO John D. Idol said he bought Versace for 1.83 billion euros ($2.1 billion).

Michael Kors in a statement “We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth. With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.

Michael Kors, is best known for bags, watches and perfume, and also bought luxury shoemaker Jimmy Choo in 2017 for $1.2 billion and his list of investments includes Versace.

Photo Credit: Tasos Katopodis/Getty Images for Versace

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