FILE PHOTO: People walk by a Michael Kors store in Lakewood

The 59-year-old designer announced his plans to buy the company for $2.7 billion last year and Michael Kors Holdings Ltd has now officially changed its name to Capri Holdings and will trade under the new stock market ticker CPRI. 

The fashion mogul bought the brand in September 2018 as part of its action plan to become a luxury fashion conglomerate.

Fashion mogul Michael Kors. Picture: Bang Showbiz

Michael Kors Holdings also purchased luxury footwear brand Jimmy Choo Ltd, for $1.35 billion in 2017 as part of his plan to break into the high-end fashion market. 

John Idol, chairman and chief executive officer of Michael Kors, said in a statement last year: "Versace has long been recognised as one of the world's leading fashion luxury houses, and is synonymous with Italian glamour and style. 

"We are thrilled that the house of Versace is now part of the Capri Holdings family of luxury brands."

Despite the acquisition of the fashion house, creative director of the Milan-based label, Donatella Versace has promised fans she isn't "going anywhere" and 63-year-old Italian designer has insisted "Versace will remain Italian".

Designer Donatella Versace accepts applause at the end of Versace's men's 2019 Spring-Summer collection. (AP Photo/Luca Bruno)

Posting a professionally shot picture of herself on Instagram, Donatella wrote: "Ciao a tutti! You all know how I love the interaction that I have with all of you here. First of all, I wanted to let you know that I am NOT going anywhere, so for those who wanted to get rid of me, well...it ain't happening!

"I also wanted to reassure you that Versace will remain Italian, made in Italy and that it will keep its glamour, daring and inclusive attitude that have made you all love it. This is just the beginning of an exciting, new adventure that I hope you will live together with me! Xoxo (sic)".