Michael Kors buys Versace in $2.1bn deal

Donatella Versace to stay on at Italian label and US fashion group to rebrand as CapriVersace has been sold to the US clothing and handbags group Michael Kors for $2.1bn (£1.64bn) in the latest example of a family-owned European brand taken under the control of a global fashion conglomerate.Michael Kors, which last year bought London shoemaker Jimmy Choo for almost £900m, confirmed on Tuesday that it had bought Versace and would fold all three brands into a new company called Capri H