It took a day for the headline of 'Michael Kors closing in a deal to buy Versace' to become settled dust.
And it's official that the Italian fashion brand is now under the umbrella of Michael Kors Holdings LTD, which will now be renamed Capri Holdings Limited) and one who also owns Jimmy Choo as one of its subsidiaries.
Michael Kors Holding Ltd has completely acquired the Versace brand for about US$2.1 billion (equivalent to approx. RM8.7 billion).
According to the American luxury firm, the new chapter of Versace will be centring on its retail, including expanding Versace's global brick and mortar boutiques and e-commerce strategy. The house is also set to create more business from its women's, men's accessories and footwear collection, to top a 60% sales volume of its total revenues.
And for those of us the Versace devotees who have been hanging our hearts, Donatella Versace will remain as Versace's Creative Director, leading the aesthetic and vision of this iconic fashion giant.
Source: The Business of Fashion