Versace is one of the most well-known luxury fashion brands in the world. The company was founded in 1978 by Gianni Versace, and since then, it has become a symbol of high-end fashion and luxury.
But just how much money is Versace worth today? Let’s take a closer look.
The History of Versace
Before we dive into the brand’s current net worth, let’s briefly review its history. As mentioned, Gianni Versace founded the company in 1978 in Milan, Italy. He quickly gained a reputation for his bold and innovative designs, which incorporated bright colors and unique patterns.
Versace expanded rapidly throughout the 1980s and 1990s, opening stores around the world and expanding into new product lines like home goods and fragrances. However, tragedy struck in 1997 when Gianni Versace was murdered outside his Miami Beach home. His sister Donatella took over as creative director of the company soon after.
Versace’s Current Net Worth
So just how much money is Versace worth today? As of 2021, the brand is valued at approximately $1.7 billion USD (according to Forbes). This figure takes into account the revenue generated by all aspects of the business, including clothing sales, fragrance sales, licensing deals, and more.
One key factor contributing to Versace’s net worth is its popularity in Asia. The brand has experienced significant growth in countries like China and Japan over the past few years, thanks in part to savvy marketing campaigns Targeted towards younger consumers.
The Role of Acquisitions
It’s also worth noting that acquisitions have played a significant role in Versace’s financial success over the years. In 2018, for example, Michael Kors Holdings Ltd (now known as Capri Holdings) acquired Versace for $2.1 billion USD. This move helped to expand the brand’s reach even further, as Capri Holdings also owns other luxury fashion labels like Jimmy Choo and Michael Kors.
Conclusion
Overall, Versace is a brand with a rich history and an impressive net worth. While its founder may no longer be with us, the company has continued to thrive under the leadership of Donatella Versace and other key executives. With its focus on high-end fashion and innovative designs, it’s likely that Versace will remain a dominant force in the luxury fashion industry for years to come.