Fashion giant Michael Kors on Tuesday announced its acquisition of Versace for over $2.1 billion (approximately Rs 15,264 crore), reported Vogue. Chief Executive Officer John Idol said the acquisition was an important milestone for the United States company.

Versace’s Creative Director Donatella Versace, who has been running the fashion house since 1997, called the sale a “very exciting moment”. She will continue to lead new entity’s creative department. The new company will be named Capri Holdings.

“This is a very exciting moment for Versace,” she said, according to The Guardian. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. 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.”

The new owner plans to increase the number of Versace outlets from 200 to 300. It also hopes to double the turnover by boosting the percentage of footwear and accessories from 35% to 60% of revenues, reported BBC.

Versace has been worn by some of the world’s highest-profile stars like Michael Jackson, Princess Diana and Elton John.

Michael Kors, on the other hand, is also a luxury brand but carries lower price tags. Its clientele is also star-studded including Taylor Swift, Angelina Jolie and Michelle Obama. In 2017, Michael Kors bought luxury shoemaker Jimmy Choo for almost £900m.