MICHAEL KORS TO BUY VERSACE
Michael Kors is buying the Italian fashion house Versace in a deal worth more than US$2 billion, continuing its hard charge into the world of high-end fashion. The deal, confirmed Tuesday, comes just 14 months after the New York handbag maker spent US$1.35 billion adding to its portfolio Jimmy Choo, the shoemaker that rocketed to fame on the high heels of Sex and the City. Like others in the fashion industry, Michael Kors Holdings Ltd. is trying to fire up sales by cranking up the glamour. Tapestry, once known as Coach, acquired Kate Spade last year. Like Coach, Michael Kors is changing its name as it seeks to reframe how people perceive it. Michael Kors is still the chief creative director and the honorary chairman, but his company will be renamed Capri Holdings Ltd. as it brings more big names under its umbrella, it was announced Tuesday.