Fashion

Michael Kors Has Officially Bought Versace For $2.1 Billion & Fans Are Angry!

A collaboration that no one saw coming!

Two huge fashion brands in the international arena, each known for their own style. Michael Kors, a highly revered brand that’s known for their men’s and women’s and ready-to-wear, accessories, watches, jewellery, footwear and fragrance, have officially taken over Versace, another coveted brand, for a whopping $2.1 billion. Fans on social media have since voiced their disappointment with the takeover, worried that Versace’s image might get diluted.

Creative director of Versace, Donatella Versace, who has been running the company since the 1997 murder of her brother Gianni Versace, believes it’s a very exciting moment. MK plans to increase the number of Versace outlets from 200 to 300 stores and aim to double the turnover to $2bn by boosting the percentage of footwear and accessories – a category that is often more affordable and faster-selling – from 35% to 60% of revenues, reports BBC.

The company Michale Kors was started by Michael David Kors, an American who recognises himself as a sportswear professional designer. In 1981, Kors launched his Michael Kors women’s label at Bergdorf Goodman. In 1990, the company launched KORS Michael Kors as a licensee. Among the celebrities who have dressed in Kors’ designs are Olivia Wilde, Dakota Johnson, Blake Lively, Kate Hudson, Jennifer Lawrence, Taylor Swift, Kate Middleton, Hillary Clinton, Angelina Jolie, Jennifer Lopez, Melania Trump, Ivanka Trump, Heidi Klum, and Catherine Zeta-Jones.

It was quite the highlight when Michelle Obama wore a black sleeveless dress from the designer for her first term official portrait as First Lady and later sported Kors again at the 2015 State of the Union address.

Versace is an Italian luxury fashion company and trade name founded by Gianni Versace in 1978. The brand is known for their upmarket Italian-made ready-to-wear and leather accessories, while other diffusion lines are Versace Collection (mainly in the US), Versus Versace and Versace Jeans.

Gianni Versace was shot and killed on 15 July 1997, at the age of 50, on the steps of his Miami Beach mansion as he returned from a morning walk on Ocean Drive. He left a legacy behind, something that celebrities like Elton John, Michael Jackon, and Princess Caroline of Monaco immortalised.

 

Elton John and Gianni Versace

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