Versace is a luxury fashion brand that has been around for more than four decades. Founded in 1978 by Gianni Versace, the brand quickly became synonymous with opulence, glamour, and high fashion. However, one question that many people ask is whether Versace is still a privately owned company or if it has been acquired by a bigger conglomerate.
History of Versace
Gianni Versace started his eponymous label in Milan, Italy, in 1978. The brand quickly gained momentum and became known for its innovative designs that combined elements of rock and roll and high fashion. Gianni’s sister Donatella and brother Santo also played important roles in the company’s growth.
Acquisition by Capri Holdings
In September 2018, it was announced that Michael Kors Holdings Limited (now known as Capri Holdings Limited), which owns other luxury brands such as Michael Kors and Jimmy Choo, had acquired Versace for $2.12 billion. This acquisition marked a significant move for Capri Holdings as it sought to expand its portfolio of luxury brands.
Versace under Capri Holdings
Despite being owned by Capri Holdings, Versace still operates as its own distinct brand with Donatella Versace remaining as its chief creative officer. The acquisition has allowed Versace to expand its reach globally with new store openings in key markets such as China and Japan.
Future Plans
Capri Holdings has stated that it plans to invest heavily in the growth of the Versace brand while maintaining its distinct identity. This includes expanding the company’s online presence and investing in new store openings around the world.
Conclusion
In summary, Versace is no longer a privately owned company but rather part of Capri Holdings Limited along with other luxury brands such as Michael Kors and Jimmy Choo. Despite this, Versace operates as its own distinct brand with Donatella Versace still at the helm. With Capri Holdings’ investment, Versace is poised for continued growth and expansion in the luxury fashion market.