25th September 2018|USA
We all know that Versace has always attracted potential buyers but this time the deal is different.
It’s American fashion designer and owner of fashion group Michael Kors Holdings, Michael Kors willing to buy the Italian fashion label. Yesterday, the fashion world got a shocking news which was a bit hard to believe. According to the luxury world reports, America’s one of the most celebrated names, Michael Kors is actually planning to buy Italian fashion label Versace. The deal is said to be a big fish worth $2 billion. Michael Kors has a brand Michael Kors holding which is known for its affordable luxury items, so, is Mr. Kors all set to level up his fashion game by being the owner of the high-end Gianni Versace.
Though Versace is a brand favoured by celebrities, it has faced financial woes over the years despite high intrigue from Chinese consumers. As per the report of The Wall Street Journal private-equity group Blackstone Group is willing to relinquish their 20 percent stake in the brand. It is also uncertain for Donatella Versace to continue as the brand's creative director. Michael Kors has been eyeing on luxury brands for accqurience. It was in July 2017, he took British high fashion house Jimmy Choo under his label. However, the representatives of Michael Kors has not yet responded to this news of taking Versace under the Michael Kors Holdings and neither has Versace or Donatella declined to this news. Whatever the case is, if Mr. Kors becomes the new owner of Versace, the Italian fashion label’s face will definitely change and will be interesting to watch.