BREAKING: Michael Kors Buys Versace for $2.12 Billion

This is the end of an era and the start of a new one. After reports began floating around that Michael Kors was set to buy Versace for a cool £2.12 billion, the deal has now officially been confirmed.

Donatella Versace, who will retain her position as creative director, said the move was a “very exciting moment” which would “allow Versace to reach its full potential.” In a statement, Michael Kors chief executive John Idol praised the designer. “Donatella’s iconic style is at the heart of the design aesthetic of Versace,” he said. “I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth.”

Last year, Michael Kors purchased British shoe maker Jimmy Choo for $1.2 billion. The U.S. fashion titan is aiming to bolster its roster of luxury brands to rival the likes of LVMH and Kering.

Let us know what you think of this news down in the comments section below! In related news, Ronnie Fieg recently teased a KITH x Versace collaboration.