Michael Kors buys Italy’s Versace fashion house in massive billion-dollar deal
At this year\'s Paris fashion week, it didn\'t get hotter at the fashion show, followed by the last premium custom fashion show at Versace fashion show, with Gigi Hadid These amazing fashion and very hot models tell the story without any further words. Italian fashion designer Donatella Versace has sold the family business but will remain the creative director of the brand. Picture: AFPSource: 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. The deal announced on Tuesday 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. Creative director Donatella Versace has been running Versace since the murder of Versace brothers Gianni 1997. She called the auction a \"very exciting moment\" and said it would \"give Versace full potential \". Versace 2019 spring new product launch- Milan\'s summer series last week. Image: John Idol, chief executive of Michael Kors, says APDonatella will continue to lead Versace\'s \"creative vision \". Idol says Versace represents \"the epitome of Italian fashion luxury\" and the acquisition is an important milestone for the company. Like other companies in the fashion industry, Michael Kors Holdings Ltd is trying to boost sales by boosting charm. Tapestry, a former coach, bought Kate Spade last year. Like Coach, Michael Kors is changing its name to try to redefine what people think about it. Michael Coles remains the chief creative director and honorary chairman, but his company will be renamed Capri Holdings Ltd as it announced more big names on Tuesday. Introducing Versace added a layer of glitter powder to the company, which sells handbags for less than $ US500 ($A700). 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 --bearing dress. The latest styles of Versace include midi- Baroque printed dress for $ US2950 ($A4000) , And the price of $ US1250 ($A1700). Versace has become the latest major Italian fashion company to be 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 largest buyer of companies that buy brands such as Gucci, Bottega Veneta, Pomelato and LVMH, with Bulgari and Loro Piana The royal family of Qatar owns Valentino. Versace was founded in 1978 by his late director Gianni. Picture: AFPSource: AFPGianni Versace founded the brand in 1978 as the main force to highlight Milan\'s positionto- 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. Gianni and Donatella Versace were available on 1995. The designer was brutally killed in 1997. Image Source: Getty Image family- 21 years ago, run business was in chaos as Versace was murdered. His sister Donatella took over the creative direction while his brother Santo continued to work on 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. Donatella showed off her latest series for next spring and summer at Milan fashion week last Friday. \"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. Donara Versace will continue to be the creative director of the company. Picture: AFPSource: AFPIt is not clear what sales mean for St. Versace, who runs the brand\'s business. Image: Supplier Source: donatella, News Limited, will continue to be 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. Jennifer Lopez, pictured at the 2000 Grammy Awards, wore the famous Versace gown. Photo source: APKors said on Tuesday that it plans to open 100 new Versace ( There are 200 in operation It also amplified the online sales of the brand. Still, Versace\'s sales have been slowing, and despite some progress, Michael Coles has not fully rebounded from the plunge. The company tried to rebuild its reputation after widely distributing products to department stores and shopping malls, which damaged 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 . \". Versace\'s logo This is the latest Italian fashion brand that can be sold in the world. Image: APSource: AP \"although it is iconic, high Profile, there is still a lot of work to be done to position it as a 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. Before the market opened, Kors\'s share price rose almost 2 percentage points.