Michael Kors Buys Italian Luxury Brand Versace In A $2.12 Billion Deal
The fashion industry is shaken as Michael Kors confirmed that they purchased the iconic Italian brand Versace in a $2.12 billion deal. This news has left fans and loyalists of the Italian brand startled, unhappy and distressed.
Truth be told, Michael Kors and Versace are distinctly different brands. Versace is a flamboyant, ultra-sexy, over-the-top, powerful brand that is all about bold prints, bodysuits, sporty bombers, and more. Michael Kors, on the other hand, is a classy American brand that is chic, classic, safe and boasts of a collection full of plaids, stripes, silk shirt dresses, and tailored suits. Hence, both the brands have very different fans. Items from both the brands are also priced differently, Michael Kors being the more affordable one. Hence, the concern and disappointment of Versace fans come as no surprise.
This is not the first time Michael Kors has acquired an established luxury brand. They bought British footwear label, Jimmy Choo in a $1.2 billion deal last year, and seem to be rapidly expanding.
Well, there is a ray of hope and good news for Versace loyalists. Just as the brand did not play or mess with the aesthetic of Jimmy Choo, not much will change with Versace too. Donatella Versace will keep her role as creative director of the fashion house and continue to remain at the helm of her namesake brand, leading the brand’s creative vision. No one will be taming the fierce, bold and sexy designs of Versace anytime soon.
While Versace’s fans were not very pleased with this change, Donatella Versace certainly seems to be excited for what the future may bring. “We believe that being part of this group is essential to Versace’s long-term success,” Donatella said. “My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”
Are you a Versace fan or a Micheal Kors devotee? What do you have to say about this collaboration? Let us know in the comments below.