Fashion News: Versace is now owned by Michael Kors
It has been rumored for some time, now it is publicly confirmed: Versace goes for the price of $ 1.83 billion to Michael Kors . The company, which until now has owned 80% of the Versace family, was one of the last major fashion brands to operate independently of a corporation. In the future, Michael Kors Holding - which by the way will be renamed Capri Holding - will have the say about Versace, because the remaining 20% of the financial investor Blackstone will be transferred to them.
With this step, an era comes to an end, the beginning was a darker. The takeover of the Italian fashion company of Donatella Versace was the response to the unexpected death of her brother Gianni Versace . The brand founder was murdered in 1997 in Miami. Together with Santo, her other brother, and her daughter Alegra, she brought Versace to where it is today: to the top of the most successful Italian fashion labels. Donatella, Santo and Alegra are now shareholders in Capri Holdings. In addition, Donatella retains her position as Creative Director, and Jonathan Akeroyd remains the managing director.
What makes Michael Kors out of Versace and whether it will manage to maintain the unique style of the label, will show. We are curious to see what changes we will see.
