Versace is now owned by Michael Kors

2.12 billion American Dollars. That is the amount spent by Michael Kors as he acquired one of the most prestigious companies. Indeed Versace has been sold and reportedly, changes are already in the works. The designer’s executive, John Idol, has already announced his plans to open more stores, create more shoes and accessories and develop online shopping.

Jimmy Choo was also bought

Reportedly, Versace is not the first big acquisition for Michael Kors. Indeed, nearly a year ago, John Idol announced his purchase of Jimmy Choo, a luxury brand of women’s shoes. Costing the American company $1.35 billion at the time, the chief executive officer of the business stated, “We believe this combination further strengthens our future growth opportunities while also increasing both product and geographic diversification.”

Michael Kors’ John Idol with the designer and the CEO © Rahi Rezvani

A quick word on the Italian powerhouse

Founded by Gianni Versace who tragically passed away in 1997, 20% of the business was owned by Blackstone. Despite the latest ownership changes, Donatella, the sister of the luxury brand’s creator, will still maintain her role as a creative director. Together with her brother Santo and her daughter Allegro, they will become shareholders of Capri Holdings following their agreement with Michael Kors.

Additional details about Versace

In July 2018, the luxury brand was ranked as the seventh hottest name in fashion. This was partly due to the airing of ‘The Assassination of Gianni Versace: American Crime Story’, a TV show. Michael Kors is now aiming to reinforce this charting position with numerous changes.