Is Versace Sold?

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thedutchladydesigns

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If you’re a fan of luxury fashion, you may have heard rumors swirling around about the possible sale of Versace. The iconic Italian fashion house, known for its bold prints and daring designs, has been a staple in the industry for over four decades.

But is it really up for sale? Let’s take a closer look.

Background

Versace was founded in 1978 by Gianni Versace, who quickly made a name for himself with his daring and provocative designs. The brand became synonymous with opulence and excess, attracting high-profile clients like Princess Diana and Elton John.

However, tragedy struck in 1997 when Gianni was murdered outside his Miami Beach home. His sister Donatella took over as creative director, continuing to push the boundaries with her designs and cementing Versace’s place as one of the most iconic fashion brands in the world.

Sale rumors

In September 2018, rumors began to circulate that Versace was up for sale. The speculation was sparked by a report in Italian newspaper Corriere della Sera, which claimed that the brand had received several offers from potential buyers.

The news sent shockwaves through the fashion industry, with many wondering what this could mean for the future of one of Italy’s most beloved brands. Some speculated that Donatella may be looking to step down from her role as creative director, while others feared that a new owner could change the direction of the brand entirely.

The sale goes through

In September 2018, it was announced that Michael Kors Holdings Ltd., now Capri Holdings Limited (NYSE: CPRI), had acquired Versace for $2.1 billion USD. The acquisition included all aspects of Versace’s operations including its worldwide retail network consisting of over 200 stores worldwide.

What this means

With the sale of Versace, many are wondering what changes may be in store for the brand. Michael Kors Holdings has stated that it plans to expand Versace’s retail presence, particularly in Asia, and increase its revenue to $2 billion USD within the next few years.

However, fans of the brand need not worry too much about a dramatic shift in style or direction. Donatella Versace will remain on board as creative director, and it seems that the new owners have no intention of making any major changes to the brand’s aesthetic.

Conclusion

In conclusion, while it may have seemed like just another rumor at first, the sale of Versace has now been confirmed. With Michael Kors Holdings taking over, we can expect to see some changes in terms of expansion and revenue growth, but fans can rest assured that the brand’s signature style and bold designs will remain intact.

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