When Did Michael Kors Purchase Versace?

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? Let’s take a closer look.

Background

First, some context. Michael Kors is an American fashion designer who founded his eponymous label in 1981. The brand began as a collection of women’s sportswear and has since expanded to include men’s clothing, accessories, and fragrance.

On the other hand, Versace is an Italian luxury fashion company founded by Gianni Versace in 1978. Known for its bold prints and daring designs, the brand quickly became a favorite among celebrities and fashion insiders alike.

The Acquisition

In September 2018, Michael Kors Holdings Limited announced that it had acquired all of the outstanding shares of Gianni Versace S.p.A. for a total enterprise value of €1.83 billion (approximately $2.1 billion). This included both the Versace brand and its subsidiary brands such as Versus Versace.

The acquisition was seen as a strategic move for Michael Kors Holdings Limited, which was looking to diversify its portfolio and expand its presence in the luxury market. As part of the deal, Donatella Versace, sister of Gianni and current Vice President and Artistic Director of Versace, remained with the company.

The Aftermath

Since the acquisition, there have been some changes within Versace. For example, CEO Jonathan Akeroyd was replaced by former Alexander McQueen CEO Emmanuel Gintzburger in June 2019.

However, overall it seems that Michael Kors has taken a hands-off approach to the brand, allowing it to continue operating as it did before the acquisition. In fact, Donatella Versace stated in an interview with Vogue that the sale has allowed her to focus more on the creative side of the business.

Conclusion

In conclusion, Michael Kors purchased Versace in September 2018 for a reported $2.1 billion. The acquisition marked a significant move for Michael Kors Holdings Limited and a new chapter for Versace.

While there have been some changes within the company since then, it seems that overall the brand has remained largely unchanged. Only time will tell what the future holds for this iconic fashion house.