Michael Kors Bought Versace for $2 Billion
Michael Kors, the American fashion giant responsible for those women’s handbags you see in fancy suburbs, has bought Versace, the opulent Italian label loved by rappers (see above). What this means is that while both brands will create their own lines, Kors has said that he wants to get more Versace products in stores while also expanding on their footwear and accessories. Fans of the brands have commented on the brazen and random nature of the deal, but the acquisition is likely more of a savvy business deal for Kors to expand its audience rather than a creative overhaul. Don’t forget, Kors also purchased Jimmy Choo last year for $1 billion.