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Michael Kors buys Versace

Michael Kors will soon takeover Versace. Michael Kors is best known for its leather handbags. This US brand wants to aggregate various luxury brands - including fashion, shoes and accessories - under one larger group. Last year it bought British stiletto-heel maker Jimmy Choo.

Versace, based in Italy, is a family-owned brand known for its bold and glamorous designs and its Medusa head logo. It is a mega-brand and a red carpet favorite that is among the most recognisable and followed fashion labels in the world. Versace last year posted sales of €668 million and earnings before interest, tax, depreciation and appreciation of €44.6 million. Since 2016, Versace has been working on streamlining its management structure, cutting costs and pushing to increase sales online.

Synonymous with luxury style and effortless polish, Michael Kors has a sophisticated, jet-set aesthetic. Known for his laidback, luxurious, wearable and quintessentially American silhouette, designer Michael Kors started his label in 1981 and has dressed Hollywood actresses, music superstars and first ladies.

The label offers clothing, shoes, bags, jewelry, accessories, sunglasses and watches. Men can choose from tailored shirts, sweaters, vests, jackets, pants, wallets, card cases, messengers and totes. For women there are fit and flare, sheath, or shift dresses, platforms, heels, wedges, clutches, earrings, bracelets, rings, necklaces.