Michael Kors just bought Versace for $2.1billion

‘This is a very exciting moment for Versace’

Just days after Donatella Versace showed her SS19 collection for Versace at MFW, it has been announced that Versace has been bought by Michael Kors Holdings. As the next step in becoming an American rival to conglomerates LVMH and Kering, Michael Kors Holdings Limited – now renamed Capri Holdings – bought a majority stake in the Italian house for $2.1 billion. 

Don’t worry though, Donatella will continue to have creative control over Versace moving forward. “This is a very exciting moment for Versace,” the designer said in a statement. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture.”

The news comes just over a year after the Capri Holdings purchased Jimmy Choo for $1.2 billion. It now owns 80 per cent of Versace’s shares, as private equity firm Blackstone has a 20 per cent stake in the company. Capri Holdings plans to expand the number of Versace stores globally from 200 to 300 and aims to push the revenue made from accessories and footwear from 35 to 60 per cent.

Watch Versace’s recent SS19 show below.