Michael Kors acquires Versace

Dingdong. Fresh from the fashion press. American Michael Kors has bought fashion house Versace for 1.8 billion euros. In case you missed it: things haven't been going too well for Versace lately. Last year they were forced to close 42 stores and then it hit the ‘fashion market’. There were bids, there were a lot of interested parties (including jewelry chain Tiffany and the owner of fashion brands Calvin Klein and Tommy Hilfiger), but in the end, Michael Kors walked away with the prize. Will a lot change? Nah, Donatella will remain in creative control of the company. The Versace family (Donatella, her daughter Allegra, and her brother Santo) will earn about 1.3 billion euros from the sale. They are happy, we are happy. And Michael? He’s laughing to himself. Good job, buddy.