It's official: Michael Kors owns Versace. The American company, which already owns Jimmy Choo, paid $2.1 billion for the iconic Italian brand. Michael Kors also plans to rename itself Capri Holdings to better reflect its diverse portfolio of brands. This move echoes that of Coach, which last year changed its company name to Tapestry.
"The acquisition of Versace is an important milestone for our group," said John Idol, chairman and chief executive officer of Kors, to Women's Wear Daily. "For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage … With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues."
Meanwhile, Donatella Versace, who will remain on board to grow her family's luxury brand, said, "It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra...Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential."
So, with this deal officially in the books, will we see a change in either Michael Kors or Versace's future designs? Will there also be logo changes? We'll have to wait to see.