If you’re a fashion enthusiast, you’re probably familiar with the name Versace. Founded in 1978 by Gianni Versace, the Italian luxury fashion brand has become a symbol of opulence and glamour.
But do you know who owns Versace today? In this article, we’ll find out.
Who Owns Versace?
In September 2018, the news broke that Michael Kors Holdings had acquired Versace for $2.12 billion. The American fashion company, which is now known as Capri Holdings Limited, also owns other high-end brands like Jimmy Choo and Michael Kors.
The History of Versace
Before we dive deeper into the acquisition, let’s take a quick look at the history of Versace. As mentioned earlier, Gianni Versace founded the company in 1978 in Milan, Italy. The brand quickly gained recognition for its bold and colorful designs that featured intricate prints and luxurious materials.
Versace’s success only grew in the following years as it expanded its product range to include accessories, fragrances, and home furnishings. However, tragedy struck in 1997 when Gianni was murdered outside his Miami mansion. His sister Donatella took over as creative director of the brand and has since been credited with keeping Versace relevant and innovative.
The Acquisition
Now back to the acquisition – why did Michael Kors buy Versace? According to John D. Idol, chairman and CEO of Capri Holdings Limited, the move was part of their plan to create a leading global fashion luxury group.
In a statement released at the time of the acquisition, Idol said: “The acquisition of Versace is an important milestone for our group. We are excited to have Versace as part of our family of luxury brands.”
The deal also gave Capri Holdings access to new markets like Asia where Versace has a strong presence. Donatella Versace, who retained her role as creative director, welcomed the acquisition and said it would help the brand reach its full potential.
The Future of Versace
So what does the future hold for Versace now that it’s owned by Capri Holdings? Only time will tell, but it’s clear that the brand will continue to be a major player in the fashion industry.
Under Donatella’s leadership, Versace has continued to push boundaries with its designs and collaborations. For example, in 2019, the brand teamed up with rapper Lil Nas X to create a limited edition collection that was inspired by his hit song “Old Town Road.”
Conclusion
In conclusion, Michael Kors Holdings (now Capri Holdings Limited) owns Versace. The acquisition in 2018 marked an important milestone for both companies and signaled a new era for the iconic Italian luxury fashion brand. Despite the change in ownership, Versace remains as relevant and innovative as ever under the creative direction of Donatella Versace.