Photo by Versace.com
According to recent report, news broke earlier today that Michael Kors was acquiring to purchase the Versace brand. In a race to become the pioneering Luxury Label of the America’s, the Versace purchase comes a little under a year after Michael Kors purchased Jimmy Choo for 1.2 Billion.
Profiting around 18 Million on 822 Million in sales, the Italian Fashion House is still remaining profitable and holding its title under the direction of founder’s Gianni Versace’s sister, Donatella Versace. Becoming the first American brand to run an elite European brand, Michael Kors has a few things to offer with some of the most highly sought after accessories. Although shareholders may have though different, upon news breaking Michael Kors shares dropped nearly %8.