Michael Kors is about to shake the fashion industry up by announcing plans to buy the legendary fashion brand Versace for $2.34 billion.

The details are reportedly still being hashed out, but according to Bloomberg, Donatella Versace, the creative director of the Italian house, has scheduled a meeting for Tuesday to inform employees of the upcoming deal.

Sources close to the Versace family told Bloomberg that the family will stay on to work for the label in some capacity regardless of a sale. The Versaces have struggled with their iconic fashion house after founder Gianni was murdered in Miami in 1997. His sister Donatella took over the role but the brand didn't see a boost in sales until Giancarlo di Risio came on board as their new CEO.

The acquisition will be an interesting move for Michael Kors, because his line is known for having more affordable prices. Versace is still a favorite amongst Jennifer Lopez, Kim Kardashian, Cardi B and more.

So, if this is true, we're wondering if it will affect the brand's aesthetic in any way? We'll have to stand by and see.