Donatella Versace, the sister of late designer Gianni Versace, recently made headlines for selling the iconic fashion brand Versace to Michael Kors Holdings Ltd. But just how much did she sell it for?
According to reports, the sale was worth a whopping $2.12 billion dollars. That’s right, billion with a “B”. The deal was announced on September 25th, 2018 and immediately sent shockwaves through the fashion world.
Many were surprised that Donatella decided to sell the company that her brother had built from the ground up. However, she explained in an interview with The New York Times that she felt it was necessary for Versace to reach its full potential.
“I wanted to put Versace on steroids,” Donatella told The New York Times. “This is not about me selling out.”
The sale includes all of Versace’s assets, including its runway shows, retail stores, and fragrances. Michael Kors Holdings plans to expand the brand’s presence in Asia and increase its online sales.
While many fans of the brand were sad to see it sold, others saw it as a smart business move. The fashion industry is constantly evolving and it can be difficult for even established brands like Versace to keep up with changing trends and consumer preferences.
Only time will tell how this acquisition will play out for both Michael Kors Holdings and Versace. But one thing is for sure – this sale has forever changed the face of luxury fashion.
The History of Versace
Versace was founded by Gianni Versace in 1978 in Milan, Italy. Known for his bold designs and use of bright colors, Gianni quickly became one of the most influential designers in the fashion industry.
Tragically, Gianni was murdered outside his Miami Beach home in 1997 at just 50 years old. His sister Donatella took over as creative director of the brand and has since continued to push the boundaries of fashion.
Today, Versace is known for its daring designs and use of intricate details such as embroidery and beading. The brand has a loyal following of celebrities and fashion enthusiasts alike.
The Future of Versace
With Michael Kors Holdings now at the helm, many are wondering what the future holds for Versace. Will the brand stay true to its roots or will it undergo a complete transformation?
In an interview with Vogue, Donatella reassured fans that she would still be involved in the creative direction of the brand.
“I will continue to lead the company,” she told Vogue. “This is not a goodbye to Versace, but a step toward the future.”
Michael Kors Holdings CEO John D. Idol echoed her sentiments in a statement announcing the sale.
“Donatella’s iconic style is at the heart of the design aesthetic of Versace,” he said. “We are thrilled to have her continue to lead design activities in the company.”
Only time will tell how this acquisition will affect Versace’s brand image and reputation. But one thing is for sure – it’s an exciting new chapter for one of fashion’s most beloved brands.
In Conclusion
The sale of Versace to Michael Kors Holdings Ltd was worth $2.12 billion dollars, and includes all assets such as runway shows, retail stores and fragrances. While some fans were sad to see it sold, others saw it as a smart business move considering how competitive fashion industry is today. With Donatella still leading design activities in company, we can expect that iconic style that made Versace famous will continue driving its success for years to come.