VERSACE SET TO BE PURCHASED BY MICHAEL KORS
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By Joseph Omoniyi
International fashion brand Michael Kors has agreed to purchase Italian luxury label Versace for 1.83 billion euros ($2.12 billion), the pair announced on Tuesday.
“Michael Kors Holdings Limited, a global fashion luxury group, announced today that a definitive agreement has been signed to acquire all of the outstanding shares of Italian luxury fashion house Gianni Versace, for a total enterprise value of 1.83 billion euros,” a statement said.
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