By Alexis Bennett
Updated Sep 25, 2018 @ 1:30 pm
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Michael Kors - Lead
Credit: Andrew Chin/Getty Images

Michael Kors fans, get excited because your favorite handbag is expanding. And, no, I'm not just talking about opening more stores.

According to a press release, Michael Kors Holding Ltd. officially purchased Gianni Versace SpA, the Italian fashion house that's responsible for making those colorful silk blouses and body-hugging dresses, for a cool $2.12 billion. Along with the major transaction, Michael Kors Holding Ltd. will also change its name to Capri Holdings Limited.

This won't be the first time that the fashion group dropped a large amount of cash in order to take mega-successful brand under its wings.

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Last November, the Michael Kors Holding Ltd. added Jimmy Choo, the iconic shoe label, to its roster for a $1.2 billion. So this news stands to make the Michael Kors fashion empire even more major.