Versace Goes Michael Kors
The world was in shock when in September, right after Donatella Versace unveiled her SS19 collection for Versace at Milan Fashion Week, it was announced that the luxury retailer had been bought by Michael Kors Holdings Limited - also known as Capri Holdings.
And although the American brand bought a large stake of $2.12 billion in the Italian house there is no need to worry as Donatella will still oversee Versace’s creative process.
In an interview with Dazed, the designer stated: “This is a very exciting moment for Versace." She continues, “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture.”
What Mr. Kors bought is not the brand itself, but its trademark; the name "Versace," adds a high amount of value to Capri Holdings. Capri plan to increase the Versace stores from 200 to 300 globally, and plans to increase their revenue in accessories and footwear from 35 to 60 percent. Now 80% of the Versace brand belongs to the Kors group. And Versace wasn’t the first brand to be bought by Capri: Just last year, the company purchased Jimmy Choo for a cool $1.2 billion.