Global fashion brand Michael Kors has agreed to buy Italian luxury label Versace for 1.83 billion euros ($2.12 billion), the pair announced Tuesday.

Photo: VCG

"Michael Kors Holdings Limited, a global fashion luxury group, announced today that a definitive agreement has been signed to acquire all of the outstanding shares of Italian luxury fashion house Gianni Versace... for a total enterprise value of 1.83 billion euros," a statement said.