Michael Kors Holdings Ltd. buys Italian fashion label Gianni Versace SpA for 1.83 billion euros, that is $2.2 billion US dollars.

The company predicts to increase Versace’s sales to more than double the current level. The plan is to expand the number of stores and concentrate on e-commerce development.

“The acquisition of Versace is an important milestone for our group,” Michael Kors Chief Executive Officer John Idol said in a statement. “We are committed to investing in its growth.”

Don’t jump to conclusions people. This news does not mean that Michael Kors, the man himself, would take over as the Italian brand's new creative director. He will not! And first thing is firs, Donatella Versace is staying.