Updated: Aug 4
Acquiring yet another brand for his fashion empire, John D. Idol, Michael Kors CEO acquired the established Versace brand early Tuesday morning in a $2.1 billion deal. After buying Jimmy Choo in 2017 for $2.1 billion, the Kors empire is continually expanding with an unlimited amount of opportunities for progression within the fashion industry.
The news of this however has caused concerns throughout the fashion industry, in particular with buyers and consumers of the Versace brand, due to the drastic differences in design, technique and style.
The Italian luxury fashion company, champions in designer clothes for the female form with a trademark black and rich gold colour scheme, emphasising on exaggerated prints, the label that have carried a reputable name in the fashion industry for years, and are recognised not only for their prints, but the low cut necklines worn by an abundance of celebrities throughout the years.
In contrast Michael Kors signatures follow a different pattern producing collections of sleek, practical, sophisticated clothes. Specialising in accessories the Michael Kors brand is most well known for its collection of Kors branded watches and MK embellished handbags.
Despite concerns from Versace enthusiasts, Donatella Versace In an interview with Vogue spoke of the companys future and ongoing reputation “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”.