It's official: Michael Kors is buying Versace.
Michael Kors Holdings gained a foothold in the world of elite European fashion on Tuesday by striking a €1.8 billion ($2.1 billion) deal for the storied Italian brand.
"The acquisition of Versace is an important milestone for our group," John Idol, chairman and CEO of Michael Kors Holdings, said in a statement.
Following the deal, Michael Kors Holdings will change its name to Capri Holdings, in what it described as a nod to the "iconic, glamorous and luxury destination."
This story will be updated.