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.