Michael Kors Set To Reportedly Acquire Versace For $2 Billion
It looks like Michael Kors is about to shake up the fashion world because word on the street is Michael Kors Holdings Ltd. is nearing an agreement to buy Versace for $2 billion!
If you’re a fan of the Versace brand here’s what the new acquisition means, because Versace still owns 80% of the company, as part of the sale, they will still have a role in design. More specifically, Donatella Versace will still serve as the creative director. There are no reports confirming why Versace is being sold and what Michael Kors will do with the new acquisition.
This isn’t the first luxury brand Michael Kors has acquired, he’s also purchased high end shoe brand JimmyChoo for a cool $1.2 billion.
Now what this means for Michael Kors is still unknown. The fashion brand doesn’t necessarily compete in high end fashion marks like Versace but with this new acquisition, it may start to appeal to other audiences. Truthfully only time will tell.