U.S. fashion giant Michael Kors is buying the Italian fashion house Gianni Versace in a deal worth more than $2 billion (1.83 billion euros), the company announced in a press release Tuesday.
"We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth," Chairman and CEO John Idol said in the company statement.
The deal announced Tuesday follows the New York handbag maker's $1.35 billion acquisition last year of the shoemaker Jimmy Choo.
"With the full resources of our group, we believe that Versace will grow to over US$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," the press release added.
The company also announced it would be changing its name from Micheal Kors to Capri Holdings.
Like others in the fashion industry, the company is trying to fire up sales by tacking on big name brands like the globally revered Versace.
Tapestry, once known as Coach, owns Stuart Weitzman and last year it acquired Kate Spade.
By all accounts, Kors has successfully melded Jimmy Choo into its portfolio, putting up big sales in the most recent quarter.
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