‘Fashion is dead’: Versace sale rocks fashion world
Source: AFPMICHAEL Kors is buying Italian Versace fashion house worth more than 2 billion dollars ($A2. 75 billion)
Continue its high on the world-end fashion.
Tuesday\'s deal came just 14 months after the New York handbag maker spent $1. 35 billion ($A1. 86 billion)
In addition to its portfolio, Jimmy Choo, the shoemaker has become famous for his desire to see the city.
It is mild to say that this sale has caused a chain reaction in the fashion industry.
Twitter\'s response has been strong: Michael Kors? ! ! Wow. . . Versace.
At least now we can find you at Tjmaxxx.
Glad to know that you are the worst news of the week! ? ? ?
Now you Michael Coles are about to ruin a legendary line and believe Donatella sold to Michael Coles and don\'t wear anything designed by Michael Coles except Michael Coles. . .
Because you are all confused about Versace.
Michael kors bought a 20% stake in Versace for 2 billion instead of the entire company.
Donatella is still the creative director with 80% photos from the family. twitter.
Com/msluso jbgmichael kors can\'t even pronounce it as the other person in the fashion world, Michael Kors Holdings Ltd. is trying to increase sales by boosting charm.
Tapestry, a former coach, bought Kate Spade last year.
Like Coach, Michael Kors is trying to reshape public awareness while changing his name.
Michael Kors is still the chief creative director of Kors, but the expanded company will be renamed Capri Holdings Limited for $8 billion ($A11 billion)
Estimated annual sales.
Executives say Versace will be a key engine for growth.
The introduction of Versace added a layer of flash to the company, which sells handbags for less than $500.
The price of Versace bags is five times that of this number.
Versace\'s gorgeous style evokes a collective respite, and perhaps the most striking thing is when Jennifer Lopez makes her debut on the navel of 2000 Grammy Awards --baring dress.
Jennifer Lopez poses in the background of 42 Grammy Awards in her iconic Versace gown.
Source: APIt is only the latest major Italian fashion company incorporated into the portfolio of foreign entities, a trend that has raised concerns about the future --in-Italy marquee.
The French enterprise group has always been the biggest buyer, buying Gucci, Bottega weineta and pomerato, and LVMH buying Bulgari and Loro ·
The royal family of Qatar owns Valentino.
Gianni Versace founded the brand in 1978 and has become a major force in highlighting Milan\'s position. to-
Wearing and serving is a bold, sexy contrast to George Armani\'s more understated elegance.
Versace\'s gorgeous rock design and Medusa logo became a symbol of the generation led by Princess Diana and Madonna.
He also helped create supermodels like Naomi Campbell, Cindy Crawford, and Claudia shiver, and brought celebrities to the front row for the first time.
Mr. Jones, Zhu Guang, Tiffany Haddish, Nicole Kidman, Iman, rose BYN and Cynthia Erivo attended the Michael Kors counter spring and autumn 2019 fashion show in New York City on September 12, 2018, Pier month.
Source: Getty Image family
21 years ago, run business was in chaos as Versace was murdered.
His sister Donatella Versace took over the creative direction while his brother Santo continued to work in business.
It has been focusing on public listings for several years.
The Versace family still controls 80 percentage points of the company.
Blackstone, an investment firm, holds the remaining 20 cents.
Last Friday, during Milan Fashion Week, Donatella Versace showed off her latest series for spring and summer next year.
Jonathan Akroyd, CEO of Versace, Chairman and CEO of Versace Donatella and Michael Coles John Idol.
\"This is a very exciting time for Versace,\" she said . \"
\"It has been more than 20 years since I took over the company with my brother Santo and daughter Allegra.
\"Donatella, who holds a 20 stake in the company, will continue to act as creative director and the family will become a shareholder in large businesses.
The owner of the city now holds shares of 30 and Allegra, month.
John Idol, Chairman and CEO of Michael Kors, said: \"With the full resources of our group, we believe that Versace\'s revenue will grow to $2 billion . \".
\"We believe that the strength of the Michael Kors and Jimmy Choo brands, as well as the acquisition of Versace, enable us to achieve years of revenue and revenue growth.
Kors announced plans to open 100 new Versace stores on Tuesday (
There are 200 in operation
It also amplified the online sales of the brand.
In addition, Versace plans to increase the proportion of its men\'s and women\'s accessories and footwear business to its entire brand sales from 35 to 60.
Although Versace\'s sales have been growing recently, the business has been declining.
Despite some progress, Michael Coles is still not fully out of the woods.
After extensive distribution of products to department stores and stores, the company is trying to rebuild its reputation, which damages its image.
Neil Sanders, managing director of Global data Retail, said it would be a good idea to get the family involved and Donatella to be the creative engine for Versace.
The size of the company will provide Versace with more global influence, especially in Europe and Asia, he said.
\"Despite this, we still think that Versace is not a perfect company,\" Sanders said . \".
\"While it\'s iconic and compelling, there\'s still a lot of work to be done to position it as higher growth.
This will absorb time and money from the team and must be done at the same time as ongoing efforts to get Michael Coles firmly on track.
The deal is expected to be completed in the fourth quarter.
Kors shares rose more than 1 percentage point. —