Michael Kors Buys Versace for $2.12 Billion
Rumors have been floating around that Michael Kors has been in the process of buying Versace for around $2 Billion dollars, and today the rumors were confirmed as true. The numbers on the deal between Michael Kors and Versace is actually $2.12 Billion, which is 2.5 times more than Versace's current revenue and about 22 times more than its earnings. Approximately a year ago, Michael Kors acquired Jimmy Choo. This recent move of acquiring Versace progresses the Kors plan of building a portfolio of high-end brands. Which brand does Michael Kors have its eyes on next?