Versace is one of the most iconic fashion brands in the world. Founded by Gianni Versace in 1978, the Italian luxury fashion company has become synonymous with glamour, decadence, and opulence.
But how much is Versace worth today? Let’s take a closer look.
The History of Versace
Gianni Versace started his eponymous brand in 1978, launching his first collection at the Palazzo della Permanente Art Museum in Milan. The collection was a huge success, and soon Versace became one of the most sought-after fashion brands in the world.
Over the years, Versace expanded its product line to include not only clothing but also accessories, fragrances, and home furnishings. The brand’s signature style is characterized by bold colors, striking prints, and luxurious materials such as silk and leather.
The Sale to Michael Kors
In 2018, Versace was acquired by Michael Kors for $2.12 billion. The acquisition was seen as a major coup for Michael Kors, which had been struggling to compete with other luxury brands such as Louis Vuitton and Gucci.
Despite some skepticism from industry experts, Michael Kors has managed to successfully integrate Versace into its portfolio of brands. In fact, sales of Versace products have increased since the acquisition.
The Current Value of Versace
As of 2021, it’s difficult to determine exactly how much Versace is worth. This is because the brand is now part of Capri Holdings Limited (formerly known as Michael Kors Holdings Limited), which also owns other luxury fashion brands such as Jimmy Choo and Michael Kors.
However, we can get an idea of how much Versace contributes to Capri Holdings’ overall value. According to Capri Holdings’ most recent financial statements (as of March 2021), the company’s total revenue for fiscal year 2020 was $4.2 billion.
While we don’t have exact figures for how much of that revenue came from Versace specifically, we do know that the brand has been performing well under Capri Holdings’ ownership. In fact, during the first quarter of fiscal year 2021, Versace’s revenue increased by 21% compared to the same period the previous year.
The Future of Versace
Despite the challenges posed by the COVID-19 pandemic, Versace remains a highly valued brand in the luxury fashion world. The brand’s bold and distinctive style continues to resonate with consumers around the globe.
Looking ahead, it will be interesting to see how Versace continues to evolve under Capri Holdings’ ownership. Will Michael Kors continue to invest in the brand and expand its product line? Or will they focus on maintaining its current level of success?
Only time will tell, but one thing is for sure: Versace is a fashion powerhouse that shows no signs of slowing down anytime soon.