Michael Kors announces it will buy Versace for $2.1 billion

American fashion group Michael Kors Holdings on Tuesday announced it is acquiring Italian fashion house Versace for about $2.12 billion. Michael Kors Holdings will be renamed Capri Holdings, inspired by an Italian island considered as a luxury destination, post the completion of the deal. Versace's Vice-President Donatella Versace will continue to oversee the brand.