Michael Kors Holdings plans to acquire Italian fashion house Gianni Versace for about $2.4B. The move would establish a presence in European high fashion for the American company, as well as give it ownership of Versace's boutiques around the world
. Michael Kors has 1,000 stores worldwide, including licensed locations, and it owns the Jimmy Choo brand with over 200 stores. The Versace Group distributes its products worldwide at over 200 boutiques in major cities and via over 1,500 wholesalers.