Michael Kors buys Versace for €1.4Billion. American design house Michael Kors has successfully purchased Italian fashion brand Versace in deal worth to be in the region of €1.7 Billion euro making it one of the biggest and strongest designer fashion groups in the world today.

This deal follows Michael Kors purchase of the luxury fashion brand Jimmy Choo last year for just €1.4 Billion euro. Founded in Milan, Italy back in 1978 by Gianni Versace, the fashion brand showed the way with it’s breaking fashion designs and was a popular with both celebrities and royalty from around the world.

Gianni Versace was shot and killed on the doorstep of his Miami beach home on the 15th July 1997 at the young age of 50 by gunman Andrew Cunanan. The label was then left in the hands of his sister Donatella and brother Santo.

Michael Kors was set up back in 2004 by Karl Anderson Jr (now Michael Kors) and the 58-year old New York native now serves as the honorary chairman and chief creative officer for his company. The MK brand is one of the world’s leading fashion brands of today with an impressive fashion line that includes luxury bags to clothing and accessories.

It’s reported that with the takeover of Versace by Michael Kors, there are plans to increase the number of Versace store in the world today from 200 to 300. Donatella Versace, will continue to lead the creative side of the business with the current Versace boss Jonathan Akeroyd to remain in place as will the rest of the brand’s senior management.

Michael Kors buys Versace for €1.4Billion