• Arts & Entertainment,  News,  This Week's Paper

    Michael Kors eats up Versace shares in latest buyout

    The Versace Mansion is no longer the only thing American about the legendary Italian fashion house, as famed American designer Michael Kors has recently acquired Versace for $2.1 billion. Founded by the late Gianni Versace in 1978, the Versace company has been run by Gianni‚Äôs sister, Donatella Versace, since his infamous murder at the mansion in 1992.   Having previously purchased British fashion house Jimmy Choo, for $1.2 billion, the acquisition of Versace is promising for the expansion of Michael Kors into the high-end market. As reported by The New York Times, the undertaking will end the independence of one of the last prominent stand-alone fashion houses; however, it is…