Will Versace be the same?

Luxury goods maker Michael Kors Holdings reached a deal to acquire Italian fashion house Gianni Versace in a move aimed at acquiring the top luxury brands. The move comes after Michael Kors in 2017 acquired luxury shoe company Jimmy Choo, extending a period of consolidation for the luxury goods market. Donatella Versace, whose brother Gianni was famously murdered in 1997, will stay at the creative helm of the Italian brand. Michael Kors said it expects to help Versace grow to $2 billion in annual sales.