Michael Kors has taken over Versace, buying the enterprise for $2.1 billion. Donatella Versace, who has run Versace since 1997 following the murder of her brother, Gianni, has called the transaction an “exciting moment” that “will allow Versace to reach its full potential”.
Leading “creative vision”, Donatella will continue to have a strong role in the future of Versace. She told press: “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.”
Michael Kors’ chief executive has called the acquisition “an important milestone”, adding that they are excited to have Versace as part of their “family of luxury brands”.
Capri Holdings, the new name to be adopted by Michael Kors, plan to increase the number of global stores from approximately 200 to 300 stores, expand men’s and women’s accessories and footwear, and enhance Versace’s powerful and iconic marketing.
As the fashion industry becomes increasingly dominated by power players driven by profit margins, Donatella’s SS19 Milan Fashion Week show seems even more sentimental, featuring a cast of Versace women – spanning across the years – walking together, paying homage to the brand’s era. She’s clearly going out with a bang.