Michael Kors Is Buying Versace For $2 Billion

(CNN Money) — It’s official: Michael Kors is buying Versace.
Michael Kors gained a foothold in the world of elite European fashion on Tuesday by striking a €1.8 billion ($2.1 billion) deal for the storied Italian brand.
“The acquisition of Versace is an important milestone for our group,” John Idol, chairman and CEO of Michael Kors, said in a statement.
Following the deal, Michael Kors will change its corporate name to Capri Holdings, in what it described as a n