In September 2018, Michael Kors Holdings Limited officially announced its acquisition of the luxury fashion brand Versace. The deal was worth a staggering $2.12 billion and made headlines in the fashion industry.
Background:
Versace was founded in 1978 by Italian fashion designer Gianni Versace. The brand quickly gained popularity for its bold, colorful designs and became a favorite among celebrities and high-profile individuals.
However, tragedy struck in 1997 when Gianni Versace was fatally shot outside his Miami Beach home. His sister Donatella took over as creative director of the brand and continued to carry on his legacy.
The Acquisition:
The acquisition of Versace by Michael Kors Holdings Limited was a significant move for both companies. Michael Kors, known for its classic American style, aimed to expand its presence in the luxury fashion market with this acquisition. Meanwhile, Versace gained access to Michael Kors’ resources and expertise in areas such as retail operations and e-commerce.
The acquisition also meant that Versace would become part of Capri Holdings Limited, the newly-formed company that also owned Michael Kors and Jimmy Choo.
The Reaction:
The news of the acquisition was met with mixed reactions from the public and industry insiders alike. Some praised the move as a strategic business decision that would benefit both brands. Others were concerned that Michael Kors’ reputation for affordable luxury might dilute the exclusivity of Versace’s high-end designs.
However, Donatella Versace herself expressed excitement about the deal, saying that it would allow her to focus on creativity while leaving other aspects of the business to Capri Holdings Limited.
The Future:
Since the acquisition, both brands have continued to operate independently with their own unique identities intact. However, there have been some notable changes such as increased collaborations between Michael Kors and Versace – including a joint runway show in 2019 – and the closure of some Versace stores in order to streamline operations.
Overall, the acquisition of Versace by Michael Kors Holdings Limited was a significant move in the fashion industry. Only time will tell how this acquisition will affect the future of both companies, but it is clear that it has already had a substantial impact on their operations and collaborations.
10 Related Question Answers Found
In September 2018, the fashion industry was rocked by the news that Michael Kors had acquired Versace, one of the world’s most iconic fashion houses. The deal, worth a reported $2.1 billion, marked a major shift in the luxury fashion landscape. But when exactly did Michael Kors purchase Versace?
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In September 2018, one of the biggest fashion industry acquisitions took place when Michael Kors Holdings Limited acquired Versace. The sale was valued at $2.12 billion and brought two major fashion houses under one roof. The History of Versace
Versace is an Italian luxury fashion company founded by Gianni Versace in 1978.
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In 2018, Michael Kors Holdings Limited made a historic acquisition by purchasing Versace for $2.12 billion. The deal was a significant milestone for both companies, as it brought together two of the most iconic names in the fashion industry. Background on Michael Kors
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In September 2018, Capri Holdings Limited, formerly known as Michael Kors Holdings, announced that they had acquired the Italian fashion house Versace for a whopping $2.12 billion. This acquisition was one of the biggest fashion deals of the year and had a significant impact on the fashion industry. Why Did Capri Buy Versace?
In September 2018, Capri Holdings Limited announced that it had acquired the Italian fashion house Versace for a staggering $2.12 billion. The deal was finalized on December 31, 2018, making Versace one of the many luxury brands that now fall under the umbrella of Capri Holdings. Background
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