As part of the expansion process, the company will change its name to Capri Holdings Limited, and plans to open 100 more stores, according to Business Wire. The new name “is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination,” the press release noted.
“This is a very exciting moment for Versace,” said Donatella, 63. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra.”
She continued, “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.”
Donatella, who said that she will be a shareholder in Capri Holdings Limited along with Santo and Allegra, concluded, “My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”
The New York Times reported that Michael Kors bought Jimmy Choo for about $1.2 billion in 2017.
According to Business Wire, John D. Idol, the CEO of Capri Holdings Limited, noted about the new business deal, “The acquisition of Versace is an important milestone for our group. We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.”
Idol added, “Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision. I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth.”
Jonathan Akeroyd, Versace’s CEO, shared a similar sentiment.
“Donatella’s unmatched vision has led to the continued and growing success of our brand. I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.”
This article originally appeared in PEOPLE