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Michael Kors eats up Versace shares in latest buyout

The Versace Mansion is no longer the only thing American about the legendary Italian fashion house, as famed American designer Michael Kors has recently acquired Versace for $2.1 billion. Founded by the late Gianni Versace in 1978, the Versace company has been run by Gianni’s sister, Donatella Versace, since his infamous murder at the mansion in 1992.

 

Having previously purchased British fashion house Jimmy Choo, for $1.2 billion, the acquisition of Versace is promising for the expansion of Michael Kors into the high-end market. As reported by The New York Times, the undertaking will end the independence of one of the last prominent stand-alone fashion houses; however, it is regarded the greatest effort yet by Kors to build an empire. Upon completion of the deal, Michael Kors Holdings Limited will be officially renamed Capri Holdings Limited to “reflect its growing collection of trophy brands”.

 

In a statement to Vogue, Kors shared his sentiments and reverence for Versace. He stated, “I am thrilled that the house of Versace will be a part of our global fashion luxury group. I have been a great admirer of Donatella Versace’s talent and spirit for many years. It is wonderful to have another brand in our group that also values design, style, and craftsmanship, and I look forward to having Versace as a part of our family.”

 

In a conversation with The New York Times, CEO and chairman of the revamped American fashion house, John Idol, stated, “There are very few people you meet and say, ‘I have to work with this person and be a part of their life.’ I had that immediately with Donatella Versace.” While talking with Vogue, he added, “Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision. I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth.” Thus, the Versace family will continue to play a vital role in the company, with Donatella as the artistic director.

 

When speaking to junior and communication sciences and disorder major, Madison Lane, she stated, “I can’t say I’m not shocked that Michael Kors has the capital to buy out a powerhouse like Versace. Additionally, a freshman and English major, Veronica Kordmany, commented, “I think it was a shock to everyone, including myself, when I found out that Michael Kors was buying out Versace. They’re both such large independent brands and it seems sort of odd that they’re merging together”.

 

Donatella Versace has expressed how proud she is that Versace remains strong in both fashion and modern culture. She is eager to enter a new era for the brand that holds her family name. With regards to the creative direction of Michael Kors and his team, Ms. Versace said their passion and vision for Versace is clear and completely in line with her own. Together, the power of Kors’ classic MK monogram and Versace’s iconic Medusa head logo are sure to leave their mark as a force to be reckoned with in the fashion world.

 

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