By acquiring the prestigious Italian fashion house, Versace, American group Michael Kors enters the luxury world, despite a lack of experience in the sector. It's a risky move, but one that makes financial sense.
The American designer's holding company, Michael Kors Holdings, announced today the purchase of Italian label Versace for $2.12 billion.
The Belgian designer has been named as the new creative director of Versus Versace. Anthony Vaccarello will now take up the permanent posittion as creative director at Versace's second line, working under the supervision of Donatella Versace.
After the murder of Gianni Versace in 1997, his sister Donatella Versace, formerly vice-president, took over as creative director, and his older brother Santo Versace became CEO. Donatella's daughter Allegra Versace was left a 50 percent stake in the company, which she assumed control of on her eighteenth birthday.
The mother of two, who owns the label with her other brother Santo, 73, and daughter Allegra, 32, insists the label had to be sold in order for it to 'reach its full potential'.
Italian fashion house Versace drops one place to end at number nine on our list. Founded by Gianni Versace in 1978, Versace strengthens its position on our list of the most popular luxury brands online in 2022, after gaining ten places last year.
Versace was acquired last September by US group Michael Kors (now Capri Holdings Limited) for €1.83 billion, and is active in the luxury segment with ready-to-wear, accessories, jewellery, watches, eyewear, fragrance and home decoration lines.
After the death of Gianni, his sister, Donatella, changed the name to Versace. The label two main lines are "Gianni Versace" the ready-to-wear (RTW) collection and "Atelier Versace" (Versace Workshop) which is a haute couture collection.
Following the September 2018 announcement of luxury group Michal Kors Holdings acquiring the Versace fashion house for a sum exceeding $2.1 billion, the American conglomerate announces on Monday it has completed the takeover.
It's not Fendi x Versace or Versace x Fendi—it's simply Fendace. And don't you forget it. “It's a swap rather than a collaboration, and most of all, it is done out of friendship,” says Kim Jones, artistic director of Fendi couture and womenswear.
Inheritance of Versace
Allegra's uncle Santo Versace already owned 30% of the fashion empire, and her mother already owned 20%, but due to a long-standing disagreement between the two, the remaining 50% of the Versace empire was bequeathed by Gianni to Allegra.
So why did Gianni choose Allegra to inherit his fame and fortune? A young Allegra was "the best-dressed girl in Milan" and as she grew older became absorbed in the Versaces' love of style. Her uncle was also attracted to Allegra's honestly, studious nature and ability to speak her mind.
Fashion company Michael Kors is buying Versace, the Italian luxury brand founded by Gianni Versace in 1978, for $2.12 billion. The two fashion houses made the announcement Tuesday, one day after speculation spread about a potential deal.
Italian fashion house Versace is synonymous with Italian luxury and star-studded glamour, and has been since its founding in the 1970s. Over the years, the main label has spawned off-shoot lines, also called diffusion brands, including Versace Jeans Couture, Versus Versace, and Versace Collection.
On 15 July 1997, Versace was shot and killed outside his Miami Beach mansion, Casa Casuarina by spree killer Andrew Cunanan.
The Versus Versace logo was inspired by the main Versace logo, the head of the Greek mythological figure Medusa. However, instead of Medusa, you can see the head of the lion. Unlike Medusa, the lion is depicted in a slightly more realistic manner 1000logos. The black shades add some depth.
When it comes to preferences and a general feel about the brand, both Versace and Gucci have a similar score. Online surveys show that Versace was slightly more appreciated than Gucci, but not by much. When it comes to negative comments, Gucci received slightly more criticism in comparison with Versace.
But in 2022, Versace's status as an aspirational, celebrity-focused brand has taken on new meaning. It's also become a popular label to shop at resale; young people looking for a bit of fashion escapism are snapping up fabulously Baroque, ostentatious homages to more glamorous days gone by.
1. GIORGIO ARMANI. Giorgio Armani is currently the richest fashion designer in the world. The Italian Fashion Designer and entrepreneur is the founder of the Armani Company, which started as a boutique in 1965 named Arma.