In September 2018, the fashion industry was rocked by the news that Michael Kors had acquired Versace, one of the world’s most iconic fashion houses. The deal, worth a reported $2.1 billion, marked a major shift in the luxury fashion landscape.
But when exactly did Michael Kors purchase Versace? Let’s take a closer look.
Background
First, some context. Michael Kors is an American fashion designer who founded his eponymous label in 1981. The brand began as a collection of women’s sportswear and has since expanded to include men’s clothing, accessories, and fragrance.
On the other hand, Versace is an Italian luxury fashion company founded by Gianni Versace in 1978. Known for its bold prints and daring designs, the brand quickly became a favorite among celebrities and fashion insiders alike.
The Acquisition
In September 2018, Michael Kors Holdings Limited announced that it had acquired all of the outstanding shares of Gianni Versace S.p.A. for a total enterprise value of €1.83 billion (approximately $2.1 billion). This included both the Versace brand and its subsidiary brands such as Versus Versace.
The acquisition was seen as a strategic move for Michael Kors Holdings Limited, which was looking to diversify its portfolio and expand its presence in the luxury market. As part of the deal, Donatella Versace, sister of Gianni and current Vice President and Artistic Director of Versace, remained with the company.
The Aftermath
Since the acquisition, there have been some changes within Versace. For example, CEO Jonathan Akeroyd was replaced by former Alexander McQueen CEO Emmanuel Gintzburger in June 2019.
However, overall it seems that Michael Kors has taken a hands-off approach to the brand, allowing it to continue operating as it did before the acquisition. In fact, Donatella Versace stated in an interview with Vogue that the sale has allowed her to focus more on the creative side of the business.
Conclusion
In conclusion, Michael Kors purchased Versace in September 2018 for a reported $2.1 billion. The acquisition marked a significant move for Michael Kors Holdings Limited and a new chapter for Versace.
While there have been some changes within the company since then, it seems that overall the brand has remained largely unchanged. Only time will tell what the future holds for this iconic fashion house.
7 Related Question Answers Found
In September 2018, the fashion world was buzzing with the news that Michael Kors had acquired Versace for a whopping $2.1 billion. The announcement sent shockwaves through the industry, as it marked one of the largest deals in fashion history. Let’s take a closer look at how this acquisition came to be.
In the world of fashion, big purchases and acquisitions are always making headlines. One such acquisition that has taken the industry by storm is Michael Kors’ purchase of Versace. After months of speculation and rumors, it was finally confirmed in September 2018 that Michael Kors had acquired Versace for a whopping $2.1 billion.
In 2018, Michael Kors Holdings Limited made a historic acquisition by purchasing Versace for $2.12 billion. The deal was a significant milestone for both companies, as it brought together two of the most iconic names in the fashion industry. Background on Michael Kors
Michael Kors is an American fashion designer and entrepreneur who began his career in the fashion industry in the early 1980s.
There has been a lot of buzz in the fashion industry lately, with rumors swirling that American fashion designer Michael Kors has purchased the iconic Italian fashion house Versace. The news has been making headlines all over the world, sparking a lot of interest and discussion among fashion lovers and industry insiders alike. While there has been no official confirmation from either Michael Kors or Versace at this time, sources close to the deal have suggested that it is indeed true.
There has been a lot of buzz in the fashion industry lately about a potential acquisition by Michael Kors. The Target: Versace, the iconic Italian luxury fashion brand. So, did Michael Kors actually buy Versace?
Michael Kors is a well-known high-end fashion brand that has been around for more than three decades. The brand has recently made headlines with its acquisition of another iconic fashion label, Versace. The acquisition has created quite a buzz in the fashion industry, with many wondering how much Michael Kors paid to acquire the luxury brand.
The fashion industry is buzzing with rumors that Michael Kors, the renowned American fashion designer, has purchased Versace. The news has been met with mixed reactions from fashion enthusiasts around the world, some excited about the potential collaborations while others are concerned about the direction of both brands. While neither Michael Kors nor Versace have confirmed the acquisition, there are several signs that suggest it may be true.
