photo by Versace.com
One of the most successful all-American brands in the current market is now the proud owner of one of the most preeminent names in Italian fashion. It has been officially announced that Versace was indeed Sold to Michael Kors, which is now to be re-named to Capri Holdings Ltd. Just to clear things up because even we were a little confused at everything that sprung up when the initial news broke. So here’s what we know so far..
After many speculated rumors Michael Kors Holdings acquired Versace for 2.12 Billion. In a conference call with Donatella Versace and Micheal Kors Holdings CEO John Idol where they discussed “sharing the same vision and the same passion.” in a statement, “The Versace family will become shareholders of Capri Holdings Limited, with Donatella keeping her role as creative director of the fashion house. Capri Holdings, formerly Michael Kors Holdings, now has three major fashion houses under its portfolio: Michael Kors Collection, Jimmy Choo, and Versace.” The most confusing of the news is will the Versace brand become a licensing manifest like Michael Kors – as to most of the brands success comes from licensing and diffusion brands; like Michael by Michael Kors, the amazing fragrances, and blow-out timepieces partnerships which have fans worried of this market saturation for the Italian label.
Nonetheless the agreement between Versace and Michael Kors Holdings shall keep the brands sexy, risk-taking reputation as Donatella will continue to serve as Creative Director, “This is a very exciting moment for Versace. 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 of 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.”