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Michael Kors Buys off Versace and its debt for $2.1 billion

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Michael David Kors, American fashion designer, and best known for bags, watches and perfume, has bought Italian luxury fashion brand Versace for $2.1bn including the debt of the company.

In a statement released on Tuesday, Michael Kors’ CEO John D. Idol said it bought Versace for 1.83 billion euros ($2.1 billion).

“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.

With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues.

We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth,” Idol said.

The creative director, Donatella Versace, who ran Versace since the 1997 murder of her brother Gianni, called the sale a “very exciting moment” and “allow Versace to reach its full potential”.

Donatella, her brother Santo and daughter Allegra will also stay on as shareholders in the company. Versace’s management team will continue to be led by its CEO, Jonathan Akeroyd.

Michael David Kors plans to grow Versace to $2 billion in revenue globally and increase its retail footprint from about 200 to 300 stores.

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Eniola Badmus fires back at troll who body-shamed her

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Popular comic actress, Eniola Badmus has fired back at a troll who tried to make mockery of her body for wearing bikini.

The troll asked the actress why everything about her has fallen.

“Why everything come fall for up?,” the troll commented on the actress’s photo on LIB’s Instagram page with crying emoji.

And she replied: “Just the way your mama own fall”

The actress also complimented her own photo, writing that “looking good is a good business.”

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We Need N81 Million To Cut Grass In Abuja Stadium: Nigerian Minister

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The Minister of Youth and Sports Development, Sunday Dare has revealed that it will cost the ministry N81m to cut the grass and clear the weed that have taken over the MKO Abiola National Stadium in Abuja.

He stated this recently while speaking during the one-day seminar organised by the Sports Writers Association of Nigeria (SWAN) FCT chapter.

According to him, the ministry approached the Abuja Environmental Protection Board (AEPB) for assessment in the stadium, which was built in 2003 with N53 billion on a 29 hectares (72 acres) of land.

The stadium is divided into Package A which houses the Main Bowl and Package B which houses other facilities like basketball courts, NFF office, volleyball courts, tennis courts, squash courts.

“We approached AEPB to come see what can be done to clear the grass and weed in the stadium and they told us it will cost us N81m.

“If we tell Nigerians we used N81m which is not even available, there will be an outcry. The funds are not really there for us and that is why we are partnering with private investors to bring back the key components of our infrastructures,” he said.

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It’s smart if a man refuses to date a jobless woman in Nigeria — Leo DaSilva

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Ex-Big Brother Naija housemate, Leo Da Silva recently got internet users debating afte he waded into a conversation centered on men refusing to date women who are not financially stable.

A lady who disclosed that she’s a student, had tweeted;

I’ve seen tweets from guys saying they can’t date a girl that’s not financially stable. I’m a student. But never, like never have I felt attacked by such tweets. What’s actually up with some guys on Twitter? What I want must not make sense to you. It’s choice boo

Reacting to this, Leo stated that it’s a smart choice for young men to refuse to date jobless women. He added that guys should have their own preference just as women have theirs.

He tweeted in response;

Guys should have their own preference just as women have theirs. Dating someone that’s not working or doesn’t have adequate allowance is a burden. Nigeria, the poverty capital of the world, if a young man trying to come up refuses that burden, I think it’s a smart choice.

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