America’s conglomerate in the making Michael Kors is buying the Italian fashion house Gianni Versace in a deal worth more than 1.83 billion euros($2 billion), stepping up its transition into the world of high-end fashion.
After some rumours, the deal was officially announced Tuesday following up 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 boost up sales by associating on big name brands like the globally revered Versace.
Michael Kors has successfully added Jimmy Choo into its portfolio, putting up big sales in the most recent quarter.
Having Versace will initially be of some questions for many fans of the Italian brand, but surely is a massive gain in terms of a foothold in the world of elite European and worldwide fashion.