Does Michael Kors still own Versace?
Michael Kors has a new name, Capri, and now owns both Versace and Jimmy Choo. The Versace store in Beverly Hills. With its acquisition of Versace, the company now named Capri is getting a 40-year-old Italian house with an international presence and pop-culture relevance.
In 2018, Michael Kors Holding Group, now known as Capri Holdings, acquired the Versace fashion house for more than $2 billion.
Fashion company Michael Kors is buying Versace, the Italian luxury brand founded by Gianni Versace in 1978, for $2.12 billion. The two fashion houses made the announcement Tuesday, one day after speculation spread about a potential deal.
On 25 September 2018, American Michael Kors Holdings acquired all outstanding shares in Gianni Versace S.r.l. for $2.12 billion (USD); the acquisition was completed on 31 December 2018, keeping on Donatella Versace as head of creative design.
The Kors brand helped further that trend by selling a good portion of its wares in department stores, which heavily discounted prices, making it difficult to get customers to buy their products at full price. By buying the Jimmy Choo brand, the company is hoping to capitalize on increasing sales for high-end shoes."
On January 2, 2019, Michael Kors Holdings Limited officially changed its name to Capri Holdings Limited (NYSE: CPRI). Michael Kors, Jimmy Choo, and Versace are the three founder-led brands under Capri Holdings Limited.
“We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.” The company said it would increase the number of Versace shops from 200 to 300, and would increase the share of revenue raised from accessories ...
It would not be the first time Louis Vuitton's parent company has held a stake in the Kors brand. LVMH Group acquired a one third stake in the brand in 1999, while Kors, himself, was serving as the creative head of LVMH-owned Celine.
Gianni Versace was responsible for designing the Versace Logo. It was in 1993 when he came up with the idea of having the Medusa's head as the main focus of the logo. While the Versace brand started in 1978, Gianni did not release a logo for the company until 1980, at the time only featuring the name Gianni Versace.
Inheritance of Versace
Allegra's uncle Santo Versace already owned 30% of the fashion empire, and her mother already owned 20%, but due to a long-standing disagreement between the two, the remaining 50% of the Versace empire was bequeathed by Gianni to Allegra.
Who designs for Versace now?
Donatella Versace has been Artistic Director of Versace since 1997 and has steered the brand into the 21st century. Today, Versace represents its heritage through its strong and fearless designs, while addressing a new global audience which continues to strengthen Versace's position in contemporary culture.
It's not Fendi x Versace or Versace x Fendi—it's simply Fendace. And don't you forget it. “It's a swap rather than a collaboration, and most of all, it is done out of friendship,” says Kim Jones, artistic director of Fendi couture and womenswear.
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- Giorgio Armani. $9.6 Billion. ...
- Ralph Lauren. $8 Billion. ...
- Patrizio Bertelli. $5.2 Billion. ...
- Miuccia Prada. $5 Billion. ...
- Domenico Dolce. $2 Billion. ...
- Stefano Gabbana. $2 Billion.
Miuccia Prada
The brand has redefined luxury in its truest sense. The wife of Patrizio Bertelli, Miuccia Prada, is the wealthiest fashion designers on the planet today. The woman enjoys an impressive net worth of $11.1 billion.
“We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.” The company said it would increase the number of Versace shops from 200 to 300, and would increase the share of revenue raised from accessories ...
Inheritance of Versace
Allegra's uncle Santo Versace already owned 30% of the fashion empire, and her mother already owned 20%, but due to a long-standing disagreement between the two, the remaining 50% of the Versace empire was bequeathed by Gianni to Allegra.
It would not be the first time Louis Vuitton's parent company has held a stake in the Kors brand. LVMH Group acquired a one third stake in the brand in 1999, while Kors, himself, was serving as the creative head of LVMH-owned Celine.
