If you’re a fashion enthusiast, you must have heard about the famous Italian luxury fashion house, Versace. This brand is known for its iconic designs, bold prints, and high-end products. In the world of fashion, Versace has made a name for itself by creating unique and extravagant pieces that are coveted by many.
However, in recent years, Versace has undergone some major changes. One of the most significant changes was when it was sold to Michael Kors. This move shocked many in the industry and left people wondering about the future of the brand.
So when exactly did this happen? Let’s take a closer look.
The Sale of Versace to Michael Kors
The sale of Versace to Michael Kors was announced on September 25th, 2018. Michael Kors Holdings Limited (now known as Capri Holdings Limited) acquired all outstanding shares of Gianni Versace S.r.l. for a total value of $2.12 billion.
The acquisition was seen as a strategic move for Michael Kors to become a global fashion powerhouse and expand its portfolio beyond its namesake brand. The company’s CEO, John D. Idol, stated that “the acquisition of Versace is an important milestone for our group” and that they were “excited to have Versace as part of our family of luxury brands.”
However, the sale was met with mixed reactions from fans and industry experts alike. Many were worried that Michael Kors would change the essence of the brand or dilute its unique identity.
The Impact on Versace
Since being acquired by Michael Kors Holdings Limited, there have been some changes at Versace. One significant change was the appointment of Jonathan Akeroyd as CEO in May 2019. Akeroyd had previously served as CEO at Alexander McQueen and was seen as a good fit to lead the brand into a new era.
Under Akeroyd’s leadership, Versace has continued to create bold and innovative designs while also expanding its reach into new markets. The brand has opened new stores in cities such as Beijing, Moscow, and Miami and has also launched new product lines such as home decor and furniture.
Overall, it seems that the sale of Versace to Michael Kors has had a positive impact on the brand. While there have been some changes, the essence of Versace remains intact, and the brand continues to create high-quality products that are loved by many.
Conclusion
In conclusion, Versace was sold to Michael Kors Holdings Limited in 2018 for $2. The move was seen as a strategic one for Michael Kors to expand its portfolio and become a global fashion powerhouse.
While there have been some changes at Versace since the acquisition, the brand remains true to its roots and continues to create unique and innovative designs. It will be interesting to see what the future holds for this iconic fashion house under its new ownership.
9 Related Question Answers Found
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
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In the world of fashion, big purchases and acquisitions are always making headlines. One such acquisition that has taken the industry by storm is Michael Kors’ purchase of Versace. After months of speculation and rumors, it was finally confirmed in September 2018 that Michael Kors had acquired Versace for a whopping $2.1 billion.
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?
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
Michael Kors is an American fashion designer and entrepreneur who began his career in the fashion industry in the early 1980s.
Versace is a luxury fashion brand known for its bold designs and iconic Medusa logo. The company was founded in 1978 by Gianni Versace, who quickly rose to fame with his innovative and daring approach to fashion. However, the company faced a major setback in 1997 when Gianni Versace was tragically murdered outside his Miami Beach mansion.
If you’re a fan of Italian luxury fashion brand Versace, you might be curious about the history of one of their most popular fragrances – Versace Pour Homme. This cologne has become a staple in many men’s grooming routines, but when was it actually made? Let’s take a closer look.
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Before we dive into the history of Versace Pour Homme specifically, let’s take a quick look at the early days of Versace fragrances.
