After the surprising announcement on September 25 that the new Michael Kors conglomerate, Capril Holdings, was set to purchase Versace for $2.1 billion, its first major business move has been revealed: it will integrate Versace’s diffusion line, Versus, with the house’s other contemporary line, Versace Jeans.
Aside from this, Capri Holdings outlined its pledge to create 100 new stores across European, US and Asian markets, to build on Versace’s runway momentum, to expand accessories and footwear from 35 percent to 60 percent and to push its e-commerce platforms and omni-channels.
The news was delivered by CEO Jonathan Akeroyd, who spoke to WWD on October 31 and said since acquiring Versace the company has been searching for ways to change up the fashion brand’s business model.
“We have been looking at ways as to how we can simplify our business model and enable us to give a better focus and energy into our brand portfolio to ensure that we contrive to be innovative and relevant in everything we do,” said Akeroyd. “This merger will allow to further develop the Versace Jeans collection and at the same time not to lose the DNA and codes that made Versace so iconic.”
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Ciao a tutti! You all know how I love the interaction that I have with all of you here. First of all, I wanted to let you know that I am NOT going anywhere, so for those who wanted to get rid of me, well…it ain’t happening! I also wanted to reassure you that Versace will remain ITALIAN, Made in Italy and that it will keep its GLAMOUR, DARING and INCLUSIVE attitude that has made you all love it. This is just the beginning of an exciting, new adventure that I hope you will live together with me! xoxo Donatella @donatella_versace _ Photo by @rahirezvanistudio
Creative Director, Donatella Versace, is said to continue to oversee the collection which was born in 1989 as a gift from her brother, Gianni Versace. The brand was on hiatus from 2004 to 2009, but since then it has served as Versace’s main platform for its collaborations with younger creatives, such as Christopher Kane, JW Anderson, Anthony Vaccarello and Zayn Malik.
This signature line will now be the parent company’s main focus as it revisits Versace Jeans which is licensed to Swinger International.