Saturday, 16 October 2021

Michael Kors agrees to buy Versace for 2.1 billion

LONDON: Global fashion brand Michael Kors has agreed to buy Italian luxury label Versace for 1.83 billion euros ($2.12 billion), the pair announced Tuesday.

“Michael Kors Holdings Limited, a global fashion luxury group, announced today that a definitive agreement has been signed to acquire all of the outstanding shares of Italian luxury fashion house Gianni Versace… for a total enterprise value of 1.83 billion euros,” a statement said.

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