Does Kering Own Versace?
Versace is one of the most popular fashion brands in the world, known for its luxurious clothing, accessories, and fragrances. On the other hand, Kering is a French multinational luxury goods conglomerate that owns several high-end fashion brands.
So, does Kering own Versace? Let’s explore.
The History of Versace
Versace was founded by Gianni Versace in 1978 in Milan, Italy. The brand quickly gained popularity for its bold designs and innovative use of materials.
In 1997, Gianni Versace was tragically murdered outside his Miami Beach home. His sister Donatella Versace took over as the creative director of the brand.
The History of Kering
Kering was originally known as Pinault-Printemps-Redoute (PPR) and was founded in 1963 by François Pinault. The company started as a timber trading business but later expanded into luxury goods. In 2013, the company changed its name to Kering to reflect its focus on luxury fashion and lifestyle brands.
Kering’s Acquisition of Versace
In September 2018, it was announced that Kering had acquired a majority stake in Versace for $2.12 billion. Under the deal, Kering acquired a 50% stake from Blackstone Group LP and would acquire another 20% from the family members who owned the remaining stake in Versace.
With this acquisition, Versace joins Kering’s portfolio of high-end fashion brands which includes Gucci, Saint Laurent, Bottega Veneta and Balenciaga among others.
The Impact of the Acquisition
The acquisition by Kering is expected to help Versace expand its global footprint and reach new customers. Kering’s vast resources and expertise will enable Versace to accelerate its growth and develop its digital capabilities.
On the other hand, the acquisition is also expected to benefit Kering by adding another prestigious brand to its portfolio. The addition of Versace will help Kering diversify its revenue streams and increase its market share in the luxury fashion industry.
Conclusion
In conclusion, Kering does own a majority stake in Versace since September 2018. With this acquisition, Versace has become a part of Kering’s impressive portfolio of luxury brands, which is expected to drive growth for both companies.
- Versace was founded by Gianni Versace in 1978 in Milan, Italy
- Kering acquired a majority stake in Versace for $2.12 billion
- The acquisition is expected to help Versace expand its global footprint and reach new customers
- The addition of Versace will help Kering diversify its revenue streams and increase its market share in the luxury fashion industry
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