Versace is a luxury fashion brand that has been around since 1978. The brand was founded by Italian fashion designer Gianni Versace, who quickly gained recognition for his bold and daring designs.
Today, the Versace brand is known worldwide for its high-end clothing, accessories, and fragrances. But just how much is the Versace brand worth?
History of Versace
Gianni Versace founded the company in 1978 in Milan, Italy. He quickly became known for his flashy designs and use of bold prints and colors. His first collection was a hit and soon he was dressing celebrities such as Princess Diana and Elton John.
In 1997, tragedy struck when Gianni was murdered outside of his Miami home. His sister Donatella took over as creative director of the company, while his brother Santo became CEO.
The Value of the Versace Brand
In September 2018, the Versace family sold the company to Michael Kors Holdings for $2.12 billion. The sale included all aspects of the brand including clothing, accessories, fragrances, and home goods.
At the time of the sale, experts estimated that the value of the Versace brand alone was worth around $1.7 billion. This valuation takes into account factors such as:
- The brand’s reputation for luxury and high-end fashion
- The popularity of its clothing lines among celebrities and fashion influencers
- The value of its intellectual property (such as trademarks and patents)
- The financial performance of its various business segments (such as retail stores)
Recent Developments
Since being acquired by Michael Kors Holdings (which has since changed its name to Capri Holdings), there have been several developments within the Versace brand.
- In March 2021, Versace announced that it would be joining the list of luxury fashion brands launching a rental service. The service allows customers to rent clothing and accessories for four to eight days.
- In June 2021, Versace debuted its fall 2021 menswear collection. The collection included a mix of classic tailoring and bold prints, which has become a signature of the brand.
Conclusion
The Versace brand has come a long way since its founding in 1978. Despite the tragic loss of its founder Gianni Versace, the brand has continued to thrive under the leadership of his siblings Donatella and Santo.
Today, the Versace brand is worth billions of dollars and is known worldwide for its luxury fashion and accessories. With new developments such as its rental service and ongoing fashion collections, it’s clear that the Versace brand will continue to be a major player in the fashion industry for years to come.