If you’re a fashion enthusiast, you must have heard of the iconic fashion house, Versace. Known for its bold and luxurious designs, Versace has been a favorite amongst the elite fashionistas for decades.
But have you ever wondered who owns Versace in Dubai? Let’s take a closer look.
Background
Versace was founded in 1978 by the late Gianni Versace in Milan, Italy. The brand quickly gained popularity and became synonymous with opulence and glamour. After Gianni’s tragic death in 1997, his sister Donatella took over as Creative Director and continued to lead the brand to new heights.
The Acquisition
In 2018, it was announced that Michael Kors Holdings (now known as Capri Holdings Limited) had acquired Versace for $2.12 billion dollars. However, it’s important to note that this acquisition only includes the brand’s clothing and accessories lines.
Who Owns Versace in Dubai?
In Dubai specifically, the answer is Majid Al Futtaim. Majid Al Futtaim is a leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. The company is known for its ownership of Mall of the Emirates – one of Dubai’s most popular malls – and also holds exclusive rights to operate Carrefour stores across 38 countries.
In 2020, Majid Al Futtaim announced that it had signed a strategic partnership with Versace to bring its high-end fashion offerings to Mall of the Emirates. Under this partnership agreement, Majid Al Futtaim will become the sole franchisee for all Versace brands in UAE.
Conclusion
So there you have it! While Michael Kors Holdings may own Versace globally, in Dubai specifically, Majid Al Futtaim holds the exclusive franchise rights. With this partnership, the fashion house will continue to offer its iconic designs to the elite fashionistas of Dubai.
If you’re a fan of Versace, be sure to check out their collection at Mall of the Emirates. Who knows? You may just find your next statement piece.
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