Fashion month is often 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 by the label confirms.
While it might seem like an unorthodox move, the acquisition is part of a larger move by Michael Kors to become the US version of LVMH (the corporation 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. Santo, Allegra and I recognise 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.’
As with any breaking news, people on twitter had mixed reactions:
donatella after selling versace to michael kors pic.twitter.com/cv23vR67Tj
— chloe ⚸ (@melanchloelia) September 24, 2018
In a sudden late-season plot twist, Michael Kors is reportedly set to buy Versace for $2bn pic.twitter.com/8moCzAdSYc
— Tom & Lorenzo (@tomandlorenzo) September 24, 2018
Michael Kors is buying Versace??????
Am i awake or what
— bryanboy (@bryanboy) September 25, 2018
News: “Versace to be sold to Michael Kors for 2 billion”
Gianni Versace in heaven: pic.twitter.com/9YOK596DnR
— Demetria Chavon (@DemetriaLesterC) September 25, 2018
Versace’s fans on Instagram aren’t happy about this potential Michael Kors acquisition. pic.twitter.com/JFTJrxMlFF
— Kim Bhasin (@KimBhasin) September 24, 2018
Michael Kors isn’t cheap, actually @MichaelKors has marketing smarts.
The “cheap” stuff you see is the less expensive collection & he also has a high end line.
So while you can get a MK purse for $400, there is also one for $4000.
— Jerome Trammel (@MrJeromeTrammel) September 24, 2018
Via Marie Claire Australia.