Michael Kors Buys Italy's Versace For $2 Billion

Reuters reports U.S. fashion group Michael Kors has agreed to take control of Italy’s Versace. Sources say the deal could value the company at $2 billion. Last year, Kors also bought British stiletto-heel maker Jimmy Choo for $1.2 billion. The new Versace deal now gives Michael Kors a mega-brand and red carpet favorite.