Michael Kors Acquires Versace

Michael Kors Holdings (New York) has officially acquired Milan-based Versace brand, as previously rumored.

The $2.1 billion deal is set to close in the fourth quarter, at which point the company will change its name to Capri Holdings, in a move that Women’s Wear Daily says mirrors Coach’s transformation last year into Tapestry Inc. (New York).

Once the deal is finalized, the company plans to put a hold on acquiring other brands so that it can grow Versace into a $2 billion brand and pay down its post-deal debt load. Within the past year, the company also acquired Jimmy Choo.