Michael Kors Will Buy Versace For $2 Billion

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In July, when Michael Kors bought Jimmy Choo for $1.2 billion dollars, we wondered what that meant for business. Or perhaps Kors is banking on a wealthier, more luxury-minded consumer to turn its business around? On Tuesday, Kors confirmed the latter with the news it would acquire Italian fashion house Versace. Michael Kors Ltd. — Kors’ fashion company the designer started in 1981 — will be renamed Capri Holdings.

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