Have you ever wondered who owns the iconic Versace label? Well, wonder no more! In this article, we’ll explore the history of the brand and its ownership.
The History of Versace
Versace is an Italian luxury fashion brand founded by Gianni Versace in 1978. The brand quickly gained popularity for its bold designs and use of vibrant colors. Gianni Versace was tragically murdered in 1997, and his sister Donatella took over as creative director.
Ownership of Versace
In September 2018, it was announced that Michael Kors Holdings Ltd. had acquired Versace for $2.12 billion. The acquisition included the sale of 80% of the company to Michael Kors Holdings Ltd., with the remaining 20% being retained by the Versace family.
Michael Kors’ Plan for Versace
Michael Kors has big plans for the Versace brand. The company aims to increase revenue from $1 billion to $2 billion annually and expand its global footprint by opening new stores in key markets such as Asia.
- One of Michael Kors’ first moves after acquiring Versace was to change the company name from Gianni Versace S.p.A. to Capri Holdings Limited.
- The company also plans to incorporate some of its own strategies into the management and operations of Versace.
- However, Michael Kors has emphasized that he wants to preserve the unique identity and DNA of the Versace label.
Versace’s Future under Michael Kors Ownership
While some fashion insiders have expressed concern over how Michael Kors will handle such a renowned luxury brand, others are optimistic about what lies ahead for Versace.
In conclusion, Versace is a fashion brand that has been owned by the Versace family since its inception, until Michael Kors Holdings Ltd. acquired 80% of the company in 2018. The brand has a rich history and is known for its bold designs and use of vibrant colors.
Under Michael Kors’ ownership, Versace aims to increase revenue, expand globally, and preserve its unique identity. Only time will tell how successful these plans will be, but one thing is certain: Versace will continue to be a major player in the luxury fashion industry.