Michael Kors buys Versace; makes headway into luxury fashion segment

U.S Fashion Group, Michael Kors has added Italian Luxury Fashion brand, Versace to its portfolio for $ 2 billion. This is in line with the brand strategy to make an entry into the luxury fashion segment that is dominated largely by European brands. The U.S fashion retailer hopes to accumulate brands that sell shoes, clothes, accessories etc. all under one umbrella. With Versace under its belt, the U.S fashion conglomerate has a well recognized red carpet favourite brand under its belt. Last year brought the British stiletto-heel maker Jimmy Choo for $1.2 billion.