If you’re a fashion enthusiast, you may have come across the names Michael Kors and Versace. Both these brands are known for their luxurious and high-end fashion products.
However, there has been some confusion surrounding the ownership of these brands. In this article, we’ll be exploring the question: “Is Michael Kors owned by Versace?”
What is Michael Kors?
Michael Kors is a fashion brand that was founded by American designer Michael Kors in 1981. The brand is known for its wide range of products, including clothing, handbags, shoes, watches, and fragrances. Michael Kors has become a household name in the fashion industry thanks to its stylish designs and quality products.
What is Versace?
Versace is an Italian luxury fashion company that was founded by Gianni Versace in 1978. The brand is famous for its bold designs and use of vibrant colors and prints. Versace offers a wide range of products like clothing, accessories, fragrances, and home decor.
The Acquisition
In 2018, Michael Kors Holdings acquired Versace for $2.1 billion. This acquisition made headlines across the world as it marked a major milestone for both companies.
What does this mean?
This acquisition means that Michael Kors now owns Versace. However, the two brands still operate independently under their respective names.
Why did Michael Kors acquire Versace?
The acquisition was part of Michael Kors’ plan to expand its reach in the luxury fashion market. With the acquisition of Versace, the company can now offer a wider range of high-end products to its customers.
Conclusion
So there you have it – Michael Kors is now owned by Versace following its acquisition in 2018. It’s important to note that while the two brands are now under the same parent company, they still operate independently and offer their unique products to their respective customers.