Michael Kors Acquires Versace for $2.1 Billion
Image Courtesy: GQ
Yep, you read that right. Michael Kors has snatched the luxury high-end Italian brand that we all know and love, Versace. This furthers Kor’s effort to become a major fashion conglomerate, which started when they bought Jimmy Choo back in 2017. Now that they have Versace under their belt, making Kor’s a leading fashion and luxury group, they plan to change their name in the near future from Michael Kors to Capri Holdings.
Donatella Versace, who took over as chief creative director after her brother died, will still remain as the creative director of the brand (thank goodness). John Idol, CEO of Michael Kors, began talking to Donatella earlier this year about buying the company. She at first was hesitant because she had no plans to sell, but, after talking with him and seeing the vision he had for the company, it was an offer she couldn’t refuse.
Idol has no plans to make Versace any less luxury than it is now, meaning we won’t be seeing any lower-priced products from them anytime soon… my wallet and I are both crying. We can still expect to see the same sexually charged designs, colorful/intricate prints, and daring cuts that Gianni Versace made famous when he first launched the brand back in 1978. What Idol really wants to focus on is opening more brick and mortar stores as well as embracing online shopping.
In all honesty, this is a very strange moment in fashion history. We are so used to seeing Michael Kors as a somewhat high-end brand with prices so affordable some are sold in your local TJ Maxx or Marshalls. Then, on the other hand, Versace is so high end, expensive, and wouldn’t be caught dead in a Marshalls. The fact that these two companies are now owned jointly definitely raises some concerns regarding whether the authenticity of the brand will be maintained or not. But, we must remain optimistic that this is all for the best and that we will continue to see the daring looks and Medusa head logo kill it every season.
Strike Out,
Writer: Kierstin Zankl
Editor: Hali Azpeitia
Tallahassee