Well that was unexpected! Michael Kors Limited has officially bought the Italian luxury brand Versace for a staggering $2.24 billion.
Donatella Versace said in a statement, “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.”
While Michael Kors Holding bought the italian luxury brand, the Versace family will still hold a role in the company with Donatella. Her successful Spring 2018 collection garnered great editorial and commericial success, enough to keep her role as creative director. Jonathan Akeroyd, Versace CEO, will continue to lead Versace’s management team.
“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,”said John Idol, CEO and chairman of Capri Holdings Limited.
Whatsmore is that Michael Kors Holdings is renaming itself to Capri Holdings Limited with the acquisition.
This acquistion is coming in at a time during the consolidation moment the fashion industry is having like when Ermenegildo Zegna acquired Thome Browne, for example.
In case you didn’t know, this expands Capri Holdings Limited portfolio of brands. They also bought Jimmy Choo for $1.2 billion last year. New conglomerates are on the up-and-up.
And if you’re asking me, Michael Kors anything just went up in value with this acquistion. Sure do hope you kept your early 2000s MK items. And if not, stock up on MK now.
