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Michael Kors is buying Versace in a $2 billion deal

As per the reports, Michael Kors, US fashion group, is buying 40 years old Versace in a $2 bn deal. Versace is an Italian fashion house which was founded by Gianni Versace. 4 years back after selling 20% of its shares to a US private equity group Blackstone, Versace is still having 80% of the shares. In 2016, Versace marked the sales of €686m. Donatella Versace, the VP has called his staff for a meeting on Tuesday.