Michael Kors confirms €1.8 billion take over of Versace
American fashion company Michael Kors is expanding its global empire with the purchase of
Italian brand Versace for just over 1.8 billion euros.
A press release put out by Michael Kors Holdings said the company plans to expand Versace's global retail footprint and increase revenue from its accessories and footwear.
Versace's Creative Director Donatella Versace - who took over the company after her brother Gianni's 1997 murder - said the move would allow the fashion house to reach its full potential.
But fans have been begging her to reconsider the takeover amid fears Kors will despoil the distinctive brand, long championed by stars such as Michael Jackson, Princess Diana and Madonna.