Versace is a name that has been synonymous with high-end fashion and glamour for decades. The brand was founded by Gianni Versace in 1978, and since then, it has become one of the most recognizable names in the fashion world. However, with Gianni’s untimely death in 1997, there has been much speculation about how much Versace was worth.
The Early Days of Versace
Gianni Versace was born in Reggio Calabria, Italy, in 1946. He had a passion for fashion from an early age and began working in his mother’s dressmaking business when he was just a teenager. In the 1970s, he moved to Milan and began working as a freelance designer for some of the biggest names in Italian fashion.
In 1978, Gianni founded the Versace brand with his brother Santo and sister Donatella. Their first collection was a huge success and established them as one of the most exciting new brands on the fashion scene.
The Height of Success
Throughout the 1980s and 1990s, Versace became known for its bold prints, bright colors, and daring designs. The brand dressed some of the biggest names in entertainment, including Madonna, Elton John, and Princess Diana.
Gianni’s tragic death in 1997 shocked the fashion world and left many wondering about the future of the brand. However, under Donatella’s leadership, Versace continued to thrive.
The Value of Versace
So how much was Versace actually worth? In 2018, it was announced that Michael Kors Holdings had agreed to buy Versace for $2.12 billion. This valuation took into account not just the value of the brand but also its real estate holdings.
It’s worth noting that this valuation came after years of financial difficulties for the company. In the early 2000s, Versace struggled to compete with other luxury brands like Gucci and Prada. However, under Donatella’s leadership, the brand has bounced back in recent years.
The Legacy of Versace
Despite Gianni’s death over two decades ago, his legacy lives on through the Versace brand. The company continues to be a major player in the fashion world, with its bold designs and celebrity endorsements.
In addition to its fashion business, Versace has also ventured into other areas in recent years. The company has launched a line of home goods and even opened its own luxury hotel in Dubai.
The Bottom Line
Versace is a brand that has become synonymous with high-end fashion and glamour. Although it has had its struggles over the years, it remains one of the most recognizable names in the industry. With Michael Kors Holdings’ recent acquisition, it’s clear that Versace still holds significant value in today’s market.