Billion dollar | Pixr8 News

The multinational fashion giant Michael Kors now owns the popular Italian fashion house Versace. The deal of the acquisition was worth $2.1 billion. With this deal, the value of Versace has reached $2 billion. This acquisition has brought the American luxury company closer to its goal of becoming an international house of fashion brands. The company plans to Versace’s sales to $2 billion annually which is more than double the current level. Along with this, it may also expand the number of stores globally to 300 from about 200 and also boost up the e-commerce development. “The acquisition of Versace is an important milestone for our group,” Michael Kors Chief Executive Officer John Idol stated. “We are committed to investing in its growth.” This particular deal has caused some distres...

Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees ($549 million) after sending money to a company that promised they would earn cash by clicking on web links, police said on Friday. Police, who described the pyramid-style scheme as one of India's biggest ever, said they had arrested three ringleaders on the outskirts of New Delhi, the capital, and seized more than 5 billion rupees ($74 million) from bank accounts. "They learned that if you give some money back to members, the investments would go up exponentially," Amit Pathak, head of a police cyber crime unit in India's populous northern state of Uttar Pradesh, told Reuters. The men ran a series of websites that promised would-be subscribers a chance to earn five rupees (...

Tag: Billion dollar

Michael Kors Now Owns Italian Fashion House Versace

Indian Police Bust $550 Million Internet Scam That Duped Thousands