The rumors were true - like Jimmy Choo before it, Versace has been purchased by Michael Kors in a two billion dollar deal. But does this mean the iconic Italian brand is about to become a staple on soccer moms in malls across Middle America?
Well, not quite.
Not only will Michael Kors Holdings change its name to the chicer, more Euro "Capri Holdings," but according to WWD, they will also be working with Donatella Versace herself to usher in this new chapter for the brand. Versace's current CEO, Jonathan Akeroyd, will also remain on board.
"It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra,” Donatella said in a statement. “I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential."
So breathe a sigh of relief - none of that gold, glitz, and glamour is going away anytime soon.
[Photo via @donatella_versace]