Michael Kors is buying Versace in a $2.12 billion deal. Here's the full story of how Versace became so iconic. (KORS)

Michael Kors will be called Capri Holdings, and it
Donatella Versace, who took over Versace after her brother Gianni Versace was murdered in 1997, will retain her position as creative director of the luxury fashion brand.
Here's how Versace became the iconic fashion brand it is today.

Michael Kors has agreed to buy the Italian fashion house Versace in a $2.12 billion deal.

Gianni Versace grew up in the city of Reggio Calabria in Italy. His mother was a dressmaker, and he would learn new things from her when he visited her workshop.

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He eventually moved to Milan, where he started the Versace brand in 1978.

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His younger sister, Donatella Versace, served as vice president of the brand and assisted with design. Their brother Santo oversaw the company's finances.

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Gianni Versace's designs were known for pushing boundaries.

In 1989 his haute couture line debuted, modeled by Christy Turlington, Naomi Campbell, Linda Evangelista, and Cindy Crawford. Gianni Versace was largely crediting with bringing all of the supermodels together on the runway.

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As the label flourished, Gianni Versace helped make fashion more mainstream, with celebrities like Elton John, Prince, and Madonna wearing the brand's designs. Versace was one of the first fashion brands to draw high-profile celebrities to its shows.

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Versace became known for running high-profile campaigns shot by iconic fashion photographers like Richard Avedon and Bruce Weber.

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Gianni Versace himself was considered a pop-culture icon defined by flashy excess, gold, and supermodels.

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But in 1997, when he was at what many say was the peak of his career, Gianni Versace was shot and killed at his Miami Beach home by the serial killer Andrew Cunanan.

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Donatella Versace took over as the head designer and creative director for the company. Their brother Santo took over as Versace's CEO.

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In February 2014, Versace announced the private-equity firm Blackstone would acquire 20% of the company, with the Versace family holding on to the other 80%.

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Two years later in 2016, the Versace Group appointed Jonathan Akeroyd CEO.

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On Monday, Bloomberg reported that Michael Kors was in talks to acquire Versace for $2 billion.

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The deal was officially announced on Tuesday. Michael Kors will acquire Versace for $2.12 billion, with plans for the company including expanding its store fleet and online presence, adding more accessories and shoes to its collection, and more than doubling the brand's revenue.

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Michael Kors will now be called Capri Holdings, and Donatella Versace will remain creative director of the brand.

Michael Kors is buying Versace in a $2.12 billion deal. Here's the full story of how Versace became so iconic. (KORS)

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