Michael Kors buys Versace in $2B deal – National


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NEW YORK – Michael Kors is shopping for the Italian trend home Gianni Versace in a deal value greater than $2 billion (1.83 billion euros), persevering with its laborious cost into the world of high-end trend.

The deal introduced Tuesday follows the New York purse maker’s $1.35 billion acquisition final 12 months of the shoemaker Jimmy Choo.

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Michael Kors Holdings Ltd., like others within the trend business, is making an attempt to fireside up gross sales by tacking on large identify manufacturers just like the globally revered Versace,

Tapestry, as soon as often called Coach, owns Stuart Weitzman and final 12 months it acquired Kate Spade.

By all accounts, Kors has efficiently melded Jimmy Choo into its portfolio, placing up large gross sales in the newest quarter.

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