Michael Kors completed the acquisition of Gianni Versace from Blackstone Group and Versace Family for $2.12bn.

Michael Kors, a global fashion luxury group, completed the acquisition of Italian luxury fashion house Gianni Versace for a total enterprise value of $2.1bn. "The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage. We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth. With the full resources of our group, we believe that Versace will grow to over $2bn in revenues. 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," John D. Idol, Michael Kors Chairman and CEO.