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Michael Kors is buying Versace for $2 billion

Posted: 6:45 AM, Sep 25, 2018
Updated: 2018-09-25 11:45:18Z

It's official: Michael Kors is buying Versace.

Michael Kors Holdings 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 Holdings, said in a statement .

Following the deal, Michael Kors Holdings will change its name to Capri Holdings, in what it described as a nod to the "iconic, glamorous and luxury destination."

This story will be updated.