If you’re a fashion enthusiast, you might have heard the news that rocked the industry in 2018 – Michael Kors Holdings Limited acquired Versace for a whopping $2.12 billion. But, who sold Versace to Michael Kors? Let’s dive into the details.
Background
Gianni Versace, an Italian fashion designer, founded the luxury fashion brand Versace in 1978. The brand gained global recognition for its flamboyant designs and bold use of colors and prints. However, Gianni’s untimely death in 1997 left the future of the company uncertain.
Gianni’s sister Donatella Versace took over as the creative director of the brand after his death. Under her leadership, the company expanded its product offerings and continued to be a top player in the luxury fashion market.
The Sale
In September 2018, Michael Kors Holdings Limited announced that it had acquired Versace for $2. The deal included all aspects of Versace’s operations, including its couture line and chain of retail stores.
Interestingly, this acquisition was not Michael Kors’ first attempt at buying a luxury brand. In 2017, Michael Kors Holdings Limited acquired Jimmy Choo for $1.2 billion.
The Reasoning
The acquisition was a strategic move for Michael Kors Holdings Limited as it helped them diversify their product offerings and expand their presence in Europe.
In an interview with Business of Fashion, John D. Idol, CEO of Michael Kors Holdings Limited said: “The acquisition of Versace is an important milestone for our group..We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace creates a global fashion luxury group that is second to none.”
Final Thoughts
The sale of Versace to Michael Kors Holdings Limited was a significant move in the luxury fashion industry. The acquisition helped Michael Kors Holdings Limited expand its reach and diversify its product offerings, while Versace gained access to resources that can help the brand continue to grow.
In conclusion, the sale of Versace to Michael Kors was a mutually beneficial move for both companies. We can’t wait to see what the future holds for these two fashion powerhouses.
10 Related Question Answers Found
There has been a lot of speculation in the fashion industry about whether Versace owns Michael Kors. To answer this question, we need to take a closer look at both of these iconic fashion brands. Versace
Versace is an Italian luxury fashion company that was founded by Gianni Versace in 1978.
In late 2018, rumors started circulating that luxury fashion brand Versace was in talks to be sold to Michael Kors. The news came as a surprise to many, as the two brands have vastly different aesthetics and Target markets. However, as the details of the potential sale began to emerge, it became clear that there was more to the story than initially met the eye.
There have been rumors circulating in the fashion industry that Versace, the iconic luxury brand, has been sold to Michael Kors. While there has been no official confirmation of this news, speculation has been rife. What We Know So Far
Versace has been a family-owned business since its inception in 1978.
There has been a lot of buzz lately surrounding the luxury fashion brand Versace and its ownership. Rumors have been circulating that Michael Kors, known for his eponymous fashion line, is now the owner of Versace. But is there any truth to these rumors?
There has been a lot of buzz around the fashion industry ever since the news broke out that Michael Kors may have acquired Versace. The rumors started circulating in September 2018, and since then, people have been speculating about whether or not it is true. So, does Michael Kors really own Versace?
If you’re a fashion enthusiast, you may have come across the names Michael Kors and Versace. Both these brands are known for their luxurious and high-end fashion products. However, there has been some confusion surrounding the ownership of these brands.
There has been a lot of buzz in the fashion industry lately about a potential acquisition by Michael Kors. The Target: Versace, the iconic Italian luxury fashion brand. So, did Michael Kors actually buy Versace?
If you’re a fashion enthusiast, you might have heard rumors about Michael Kors owning Versace. Well, it’s time to set the record straight. Does Michael Kors own Versace?
Rumors have been circulating lately about a potential acquisition of Michael Kors by Versace. While nothing has been confirmed yet, the fashion industry is buzzing with speculation and predictions. Let’s take a closer look at what we know so far.
If you’re a fashion enthusiast, you might have heard rumors about Michael Kors owning Versace. But is it true? Let’s find out.
