Following the $2.12 billion purchase by the fashion company, the younger sister of Gianni Versace sings praises to John Idol, whom she dubbed a strong and passionate leader.

AceShowbiz - Executives at Michael Kors have acquired Versace for $2.12 billion.

After days of speculation regarding the potential sale of the Italian fashion house, which was founded by the late Gianni Versace in 1978, leaders at Michael Kors Holdings Limited have announced that they have agreed to purchase all outstanding shares in the business.

Donatella Versace, who has overseen the brand since the tragic murder of her brother in 1997, will remain the company's creative director, while her older brother Santo Versace and daughter Allegra Versace, 32, will become shareholders in Capri Holdings Limited, the new name for Michael Kors Holdings Limited.

"This is a very exciting moment for Versace," Donatella said in a statement. "Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential.

"We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader," she continued. "We believe that being part of this group is essential to Versace's long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow."

John D. Idol, chairman and chief executive officer of Michael Kors Holdings Limited, which is also the parent company of footwear brand Jimmy Choo, described the acquisition of the iconic fashion house as an "important milestone" for the business.

"We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth," he added. "With the full resources of our group, we believe that Versace will grow to over $2 billion in revenues."

Versace's management team will continue to be led by chief executive officer Jonathan Akeroyd. He will oversee a new strategic plan for the long-term growth of the business, including a proposal to open 100 more stores and develop e-commerce platforms.

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