Its official! Everyone thought it wasn’t going to happen, but it did and now everyone cannot stop talking about it!
Michael Kors Holdings Limited has officially announced that they purchased Versace. Held by the late Gianni Versace’s sister, Donatella Versace, it was purchased for over $2 billion.
Following the merger, Michael Kors Holding will be changing their name to Capri Holdings Limited.
This is a big and very exciting moment for everyone involved, even Versace. In a statement, Donatella Versace said, “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. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing diversity, as well as empowering people to express themselves. Santo, Allegra, and I recognize that this next step will allow Versace to reach its full potential.”
For fans that are unsure of what the future of Versace would hold or what would come next with the company, they are keeping many of the previous Versace owners, such as Donatella on board as designers and their CEO, Jonathon Akeroyd. They want to grow and build and paired with Michael Kors, they have a better chance at doing that.
John Idol, the CEO of Capri Holdings Limited is excited about this merger and is allowing Versace a lot of control to corner the market and provide them with a way to have the market unrivaled with this new brand that is going to hit the ground running and take off.
Versace is still a brand name that so many know and love, but with the merger, everyone can get to know and love another brand, that is set to be as good, if not better, than the Versace fashion.