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Versace, the iconic Italian appearance abode founded by Gianni Versace 40 years ago, has reportedly been awash to U.S. accouterment and backpack cast Michael Kors for 1.67 billion euros

According to Italian media letters the company’s vice-president, Donatella Versace, will advertise the accord this week.

The auction of Versace, which is accepted for its Medusa arch logo, was closed on Monday, three sources accustomed with the talks accepted to Reuters. Versace and Michael Kors beneath to comment.

Michael Kors has bought several appearance labels recently, including the London shoemaker Jimmy Choo for aloof over a billion euros.

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