As part of the deal, Michael Kors is changing its name to Capri Holdings. The company says it aims to grow Versace's revenue from about $808 million to $2 billion, expand its footprint from 200 stores to about 300 stores, and increase the amount of shoes and accessories it sells. Developing Versace's online presence will also be a focus.

"We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth," Michael Kors Chairman and CEO John Idol said in a press release announcing the acquisition.

Donatella Versace said in a statement: "Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential."

Donatella Versace took over as creative director after the 1997 murder of her brother Gianni Versace, the iconic founder of the beloved fashion house. Her brother Santo became CEO. Donatella's daughter Allegra, who was 11 at the time of Gianni's death, inherited 50% of the company, making her a near-billionaire after the acquisition by Michael Kors, according to The Guardian. Donatella Versace will stay on as creative director.

Sources:
https://www.businessinsider.com/michael-kors-buys-versace-brand-history-2018-9
https://www.myfacehunter.com/2018/09/michael-kors-to-buy-versace-for-2bn.html

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