Michael Kors ups the glamour, buys Versace for $2 billion
NEW YORK (AP) - Michael Kors is buying the Italian fashion house Gianni Versace in a deal worth more than $2 billion (1.83 billion euros), continuing its hard charge into the world of high-end fashion.
The deal announced Tuesday follows the New York handbag maker's $1.35 billion acquisition last year of the shoemaker Jimmy Choo. Michael Kors Holdings Ltd., like others in the fashion industry, 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.