Following a period of sustained speculation, it has just been announced that the American ready-to-wear behemoth Michael Kors has bought Versace for around $2.1bn.

Creative director Donatella Versace, who has guided the brand to new heights of popularity since her brother’s tragic passing in 1997 described the move as  a “very exciting moment”, that would “allow Versace to reach its full potential”. In spite of the acquisition, Donatella will continue to lead all creative aspects of the brand.

Little over a year has passed since Kors acquired luxury shoe giant Jimmy Choo for $1.2bn (where original founders Pierre Denis and creative director Sandra Choi also retained their positions), and it is believed that they now have plans to transform the business model of Versace, partly by boosting the percentage of footwear and accessories from 35% to 60% of revenues as part of a plan to more than double turnover to 2$bn.

Naturally, the move has drawn its fair share of detractors, with many concerned by the possibility that the inimitable Versace identity, which has supplied a countless number of fashion’s most iconic moments, will be lost as a result of the takeover. It remains to be seen just how drastic Kors intentions are the for the brand, though doubters should take heart from the fact that Michael Kors designed the debut Celine collection way back in 1997, one year after LVMH acquired them, and was crucial in establishing a precedent of modern femininity that continues to inform the brand’s identity today. Let’s see what he has planned for Versace.