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It was announced yesterday that American fashion brand Michael Kors had snapped up famed label Versace for $2.1 billion, taking over one of the last independent Italian brands in an effort to build an empire to rival major European conglomerates LVMH Moet Hennessey Louis Vuitton (whose stable of brands includes Givenchy, Fendi, Dior among many others) and Kering (Gucci, Saint Laurent, Alexander McQueen, Balenciaga and others).

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