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Fashion month is commonly marked with designer swan songs and surprise debuts. However a major change is happening at the highest level within two of the industry’s biggest labels.
Michael Kors is set to acquire Versace (formerly Italian luxury fashion house Gianni Versace S.p.A.) for the price of US$2.12 billion dollars an official statement sent out on September 26th from the label confirms.
While it might seem like an unorthodox move on, the acquisition is part of a larger move by Michael Kors to become the U.S. version of L.V.M.H. (the cooperation that owns Louis Vuitton, Fendi, and Christian Dior, among others) or Kering (parent company of Gucci, Alexander McQueen, Balenciaga, and more).
It also follows last year’s purchase of Jimmy Choo for $1.2 billion, as reported by The New York Times.
In an official statement Donatella Versace said, “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra.
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“Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader.”
Still, the internet has some very strong thoughts about the news. Here’s what people are saying…
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