The news initially broke last night and was confirmed by the Italian label today. Donatella Versace, who will retain her position as creative director, said the move was a "very exciting moment" which would "allow Versace to reach its full potential."
In a statement, Michael Kors chief executive John Idol praised the designer. "Donatella’s iconic style is at the heart of the design aesthetic of Versace," he said. “I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth.”
Last year Michael Kors purchased British heel maker Jimmy Choo for $1.2 billion. The U.S. fashion titan is aiming to bolster its roster of luxury brands including those in the fashion, footwear, and accessories categories. Versace is, of course, one of the most recognizable and beloved high-fashion outfits in the world.
Others had previously expressed interest in buying Versace, including Paris-based Kering, which owns Balenciaga among others.
For more on reports of Michael Kors purchasing Versace, follow on over to BoF.
In other style news, Gigi and Bella Hadid star in Marc Jacobs' humorous new ad.