September 26, 2018 at 2:08 pm EDT | by Mariah Cooper
Michael Kors’ acquisition of Versace causes fashion fans to break down

Versace storefront. (Photo via Wikimedia Commons)

Clothing and accessories brand Michael Kors announced it is buying luxury brand Versace, which was founded by Gianni Versace in 1978, for approximately $2.12 billion on Tuesday.

The announcement came as a shock for Versace fans who felt the two brands were radically different. Michael Kors is an American fashion house known for its affordability in its handbags, jewelry, watches and sportswear. Meanwhile, Versace is an Italian fashion house with high-end, luxury items.

Kors is expected to open 100 new Versace stores and hopes to build Versace’s online shopping presence. There will also be more focus on selling shoes and accessories.

“It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra,” Donatella Versace said in a press release. “I am proud that Versace remains very strong in both fashion and modern culture.”

Michael Kors Holdings Limited will change its name to Capri Holdings Limited. The Versace family will receive an estimated $177 million in the new company.

Donatella Versace will still be on board as creative director. However, Versace fans were devastated by the news.

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