Fans of the Versace brand were dismayed to learn the iconic design house has been sold and the name changed to a tourist destination.
According to published reports, designer Michael Kors, pictured right, purchased Versace for $2.1 billion in a deal that includes Versace's debt and other holdings.
Donatella Versace, left, took over the high-end luxury brand in 1997 when her brother, Gianni, was murdered by a serial killer who targeted wealthy gay men.
When the deal closes this week, Kors will change the iconic name from Versace to Capri holdings, inspired by the "iconic, glamorous and luxury destination" island, the company said in a statement on Monday.
Versace was popular with Miami power couple Gucci Mane and his wife Keyshia Ka'Oir (pictured); as well as Kim Kardashian, Kanye West, Nicki Minaj, Rihanna, and Blac Chyna, among others.
The brand was also favored by hip-hop stars and wannabes who flaunted the flashy bold patterns in music videos, photos shoots and on Instagram.
Donatella will stay on to oversee the label. Donatella, her brother Santo and daughter Allegra are shareholders in the new brand.
Photos by Dimitrios Kambouris/Getty Images