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Michael Kors on Tuesday confirmed it has agreed to buy control of Italian fashion house Versace for $2.12 billion, and that it will rename the combined company Capri Holdings. Donatella Versace will continue to lead the label.

Why it's a big deal: Not only is Kors moving from "affordable luxury" into full-on luxury, but this is also a U.S. company daring to play in a part of the European fashion market that is relatively unaccustomed to outsiders.

Go deeper with CNBC's Lauren Hirsch:

"The push further into luxury serves also as a defense for the next economic downturn, more than a decade after the last one in the U.S. Those that can afford a Versace dress are among the most likely to continue to spend during a recession than those who shop more affordably, industry experts say."

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Pence chief of staff Marc Short tests positive for coronavirus

Marc Short with Katie Miller, Vice President Pence's communications director, in March. Photo: Doug Mills/The New York Times via Reuters

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force.

Updated 37 mins ago - Politics & Policy

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Illustration: Aïda Amer/Axios

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Opposition leader Leopoldo López flees Venezuela

Venezuelan opposition politician Leopoldo López outside the Spanish embassy in Caracas, in 2019. Photo: Juan Barreto/AFP via Getty Images

Leopoldo López, a former political prisoner and prominent Venezuelan opposition leader, has left the country, his Popular Will party confirmed in a statement Saturday.

Why it matters: He's been an influential force in the push to oust President Nicolás Maduro's regime and a mentor to opposition leader Juan Guaidó. He'd been in the Spanish ambassador's Caracas residence since escaping house arrest in April 2019 following a failed military uprising.