If you’re a fashion enthusiast, then you must have heard about the iconic fashion brand Versace. The brand is known for its bold and luxurious designs that are popular among celebrities and fashion enthusiasts across the globe.
However, in recent years, there has been a lot of buzz around who bought out Versace. In this article, we will explore the answer to this question.
The History of Versace
Versace is an Italian luxury fashion company that was founded by Gianni Versace in 1978. Over the years, the brand has become synonymous with luxury and high-end fashion. The company specializes in clothing, accessories, fragrances, and home furnishings.
Gianni Versace was known for his innovative designs that incorporated bold colors and prints. He gained worldwide recognition for creating iconic dresses worn by celebrities such as Jennifer Lopez and Elizabeth Hurley. Unfortunately, in 1997, Gianni Versace was murdered outside his home in Miami Beach.
After his death, his sister Donatella took over as the creative director of the company. Under her leadership, the brand continued to flourish with its signature designs and collaborations with other luxury brands.
Who Bought Out Versace?
In September 2018, it was announced that Michael Kors Holdings Limited (now known as Capri Holdings Limited) had acquired Versace for $2.12 billion. This acquisition marked a significant moment in the fashion industry as it brought together two iconic brands under one roof.
Capri Holdings Limited is a global fashion luxury group that also owns other high-end brands such as Jimmy Choo and Michael Kors. The acquisition of Versace allows Capri Holdings Limited to expand its portfolio while also providing Versace with access to new markets.
The Impact of the Acquisition
The acquisition has had a significant impact on both brands involved. For Michael Kors (now Capri Holdings Limited), the acquisition of Versace has allowed the company to diversify its portfolio and expand its presence in the luxury fashion market.
For Versace, the acquisition has brought new opportunities for growth and expansion. The brand has already announced plans to open more stores in Asia and to expand its e-commerce platform. The acquisition has also allowed Versace to tap into the expertise and resources of Capri Holdings Limited.
Conclusion
In conclusion, Michael Kors (now Capri Holdings Limited) bought out Versace for $2.12 billion in 2018. The acquisition marked a significant moment in the fashion industry as it brought two iconic brands under one roof.
The impact of the acquisition has been positive for both brands, with new opportunities for growth and expansion. As fashion enthusiasts, we can only wait and see what new designs and collaborations will come out of this partnership in the future.