According to John: 'Versace's management team will continue to be led by Chief Executive Officer, Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide.
The renamed company said it aims to lift sales to US$8 billion "in the long term" from about $5 billion as the latest deal expands its presence outside the U.S.
While not everyone is thrilled with the news, it's important to note that Donatella Versace-Gianni's sister who has helmed the brand as creative director for 20 years-is still staying on board. With the full resources of our group, we believe that the strength of Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth'.
When he died, Gianni Versace left his 50-per-cent stake in the company in trust to his then-11-year-old niece Allegra Versace Beck, daughter of Donatella.
Michael Kors is now the proud owner of Versace.
Founded by Gianni Versace in 1978, the company and has been run by his heirs since his murder 21 years ago. "All that said, we maintain our view that Versace is not a flawless operation", Saunders said.More news: How to watch the FIFA Best Awards online, TV
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"This is a very exciting moment for Versace", the designer said in a statement. Jimmy Choo's performance lifted Kors in the last quarterly results, though Michael Kors brand comparable store sales - a key retail metric - remained flat.
Budding conglomerates like Michael Kors have been trying to make in-roads into an industry dominated by European players such as Louis Vuitton-owner LVMH (LVMH.PA) and Kering (PRTP.PA). Versace's flamboyant styles have invoked collective gasps, perhaps most notably when Jennifer Lopez appeared at the 2000 Grammy Awards in a navel-bearing dress.
How much did Versace cost Michael Kors?
The transaction, which is expected to be closed in the fourth quarter, singles big changes for what is now Capri.
Michael Kors - born Karl Anderson Jr on August 9, 1959 in Merrick, New York - is a well-known American fashion designer.
Still, Versace's sales have been slowing and despite some progress, Michael Kors hasn't fully rebounded from a slump.