Michael Kors said Tuesday it had agreed to buy Italian luxury giant Versace, adding a new layer to its offering after buying shoemaker Jimmy Choo last year.

Michael Kors, with roots in the United States but headquartered in London, has struck a deal to buy Versace for 1.83 billion euros ($2.1 billion), a statement said.

“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth,” said Michael Kors chief executive John D. Idol.



“With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues,” he added.

“We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”

Donatella Versace, artistic director and vice-president of the Italian group, said the takeover was “essential to Versace’s long-term success”.

She added in the statement: “We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader.”



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Neva knew Micheal Kor has gotten bigger to d extent of acquiring Jimmy Choo and even a whole Versace