October 16, 2018

Michael Kors purchases Versace

Versace’s 5th Avenue boutique in New York
September 2018: Michael Kors Holdings Ltd. is due to acquire Italian fashion label Gianni Versace SpA for 1.83 billion euros ($2.2 billion), bringing the American luxury company closer to its goal of becoming an international house of fashion brands
 
“The acquisition of Versace is an important milestone for our group “ Michael Kors’ Chief Executive Officer John Idol mentioned in a statement.
Versace adds high-end couture credibility and heritage to Kors. The 40-year-old fashion house, founded by Gianni Versace, celebrates extravagance with its baroque designs, filling runway shows and red carpets with brash prints and vibrant colours. Michael Kors aims to lift Versace’s accessories and footwear to 60 percent of sales from 35 percent, an ambitious goal for a company known better for its ready-to-wear fashions
 
Versace is still controlled by the late Gianni Versace’s family, who was assassinated in Miami in 1997. Donatella Versace, his 63-year-old sister, is the house’s creative director and shall “continue to lead the company’s creative vision” as per Michael Kors’ statement. Jonathan Akeroyd, currently Versace’s CEO, will continue to lead the management team.
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