By MIRIAM RUIZ
While many believe that the two fashion houses, Michael Kors and Versace do not have much in common, it seems that Michael Kors plans to take their brand to another level of luxury and prestige.
Fashion followers were mostly surprised when discovering that Versace was sold to Michael Kors. Many changes are occurring within the brand after this purchase and the growth they have planned as a company is major. Michael Kors is changing its name to Capri Holdings.
According to an article by Jessica Tyler, published by Business Insider, “The company says it aims to grow Versace’s revenue from about $808 million to $2 billion, expand its footprint from 200 stores to about 300 stores, and increase the amount of shoes and accessories it sells” (https://www.businessinsider.com/michael-kors-buys-versace-brand-history-2018-9).
In the business world of fashion this news is important and the combination of Michael Kors, Versace, and Jimmy Choo, which Michael Kors acquired in 2017 for $1.2 billion, could be a major force in the industry.
Donatella Versace released a statement that answered the most-asked question when this information became public: she promised to remain in complete control of the collections and believes that this is a positive step for the brand.