After the rumour mill went into overdrive this week, news was released that Michael Kors Holdings Limited bought Italian luxury fashion house, Versace for $2.2 billion and will become Capri Holdings Limited as a result of the acquisition. Versace, a brand that’s renowned for their baroque-style prints and vivid colours, was founded in 1978 by the late Gianni Versace and since his death in 1997, has been run by his sister, Donatella Versace.

“This is a very exciting moment for Versace,” said Donatella Versace in a statement. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”

The current management team, including Donatella, will remain and the Versace aesthetic and brand will continue as normal (or rather as extravagant and luxurious as normal).

The purchase of Versace is not the first for Michael Kors Holdings Limited, the company bought Jimmy Choo in November of 2017 for $1.2 billion. The acquisition of fashion brands into one company by one company is not foreign language with conglomerate groups like Kering and LVMH acquiring fashion and lifestyle brands like Gucci and Tag Heuer, respectively.

You can read Michael Kors Holdings Limited’s full press release on the acquisition here.