Michael Kors Buys Versace For $2.1bn
News of luxury fashion house Versace being sold to Michael Kors set the fashion world and social media alight.
Versace previously sold 20% of the brand’s stake back in 2014 to a US private equity group Blackstone and now, according to an Italian newspaper Courier della Serra, Donatella Versace, sister of Gianni Versace who founded the label called a staff meeting for Tuesday, when the official announcement of the sale would be made, however, Donatella declined to comment on the report when asked by the paper. Versace fans have since taken to social media to vent their fury at the now confirmed $2.1Billion sale.
As part of the $2bn deal, Michael Kors will change its name to Capri Holdings and Donatella, who took over the brand after her brother’s murder will stay onto oversee the brand. With the sale now completed, fashion fans and critics are left to wonder how this purchase will change Versace.