If you’re a fashion enthusiast, you might have heard rumors about Michael Kors owning Versace. But is it true? Let’s find out.
The Acquisition of Versace by Michael Kors
In September 2018, the news broke that Michael Kors had acquired Versace for $2.12 billion. This acquisition was a significant move by Michael Kors Holdings Limited, which rebranded itself as Capri Holdings Limited after the acquisition.
Who is Michael Kors?
Michael Kors is an American fashion designer who founded his eponymous brand in 1981. The brand specializes in luxury accessories and ready-to-wear clothing for men and women. It has stores worldwide and has become one of the most recognizable fashion brands globally.
Who is Versace?
Versace is an Italian luxury fashion house founded in 1978 by Gianni Versace. The brand specializes in haute couture clothing, accessories, and fragrances. It has stores worldwide and has been worn by many famous celebrities over the years.
What Happened After the Acquisition?
After the acquisition, many changes were made to Versace’s management structure. Donatella Versace, Gianni Versace’s sister, remained as creative director but took on a more significant role in the company’s management. Jonathan Akeroyd was appointed as CEO of Versace to oversee its day-to-day operations.
Did the Acquisition Change Anything About Versace?
The acquisition did not change anything fundamentally about the brand’s aesthetic or design philosophy. However, there have been some changes in its business strategy since being acquired by Capri Holdings Limited.
For example, there has been increased investment into digital marketing and e-commerce to appeal to younger consumers who are more likely to shop online. Additionally, there have been reports that Versace is looking to expand its product offerings beyond fashion into categories such as home decor and furniture.
Conclusion
In conclusion, Michael Kors did acquire Versace in 2018. However, the acquisition did not change the brand’s fundamental design philosophy. Instead, it brought significant changes to its management structure and business strategy, which will likely shape the brand’s future direction.
If you’re a fashion enthusiast or just curious about the industry, keep an eye on Versace to see what they have in store for the future.
9 Related Question Answers Found
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