Michael Kors Inc

The deal showed how desirable Italian brands are to foreign investors.

The projection overshadowed stronger-than-expected fourth-quarter results, driving the handbag maker's shares down 7 percent.

The two companies want to turn themselves into luxury powerhouses, but they shouldn't let impatience steer them.

Both Coach Inc. and Michael Kors have signalled their ambitions to build a homegrown version of the European luxury conglomerate. Can they succeed where others have failed?

In this week's Power Moves, Uniqlo has hired Rebekka Bay as creative director, and Michael Kors Holdings has named Thomas Edwards as executive vice president and chief financial officer.