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Michael Kors announces $2.1 billion Versace deal

Photo: Scott Olson/Getty Images

Michael Kors will officially acquire Italian fashion brand Versace for $2.1 billion, as reported Monday by multiple news outlets. When the deal closes, the company says it will be renamed to Capri Holdings Limited, and Blackstone will cash out of its 20% stake.

Why it matters: The deal and the name change marks a rebranding for Michael Kors as it attempts to reposition itself within the luxury retail market, which is much more resistant to the pains of economic downturns than traditional retail.