Michael Kors Will Buy Versace For $2 Billion

In July, when Michael Kors bought Jimmy Choo for $1.2 billion dollars, we wondered what that meant for business. Or perhaps Kors is banking on a wealthier, more luxury-minded consumer to turn its business around? On Tuesday, Kors confirmed the latter with the news it would acquire Italian fashion house Versace. Michael Kors Ltd. — Kors' fashion company the designer started in 1981 — will be renamed Capri Holdings. "I am proud that Versace remains very strong in both fashion and modern culture," Donatella Versace said in a statement. "Donatella’s iconic style is at the heart of the design aesthetic of Versace," he said.