Michael Kors will reportedly be acquiring Versace for $2 billion as soon as this week.
According to an article on The Business of Fashion, Michael Kors will reportedly be acquiring Versace for $2 billion. The luxury brand could be acquired as soon as this week.
After the brand showed its Spring/Summer 2019 collection on Friday, rumors began circulating that it would be acquired after Milan Fashion Week. Companies that were rumored to be acquiring the brand were, of course, LVMH Moët Hennessy Louis Vuitton and Kering as well as Tapestry Inc., Michael Kors, and more.
LVMH and Kering would be rumored simply because of how many companies they own and because they always acquire brands. Tapestry Inc., however, acquired Kate Spade last year in March. Michael Kors acquired Jimmy Choo for $2 billion last year in July. Both companies are reportedly acquiring more brands to be more like LVMH and Kering.
The brand is one of the biggest brands in both fashion and pop culture. Both celebrities and street style blogger always wear the brand’s clothing and people are always talking about it. The brand also made quite a lot of clothing for celebrities at the Met Gala ealier this year in May.
Since the brand is being sold, rumors will probably begin circulating about Donatella Versace’s resignation. Last year in January Riccardo Tisci was said to be in talks to replace Donatella Versace at the brand before he resigned as creative director of Givenchy. Then, last year in August Virgil Abloh was rumored to be going to the brand. A couple of weeks later, Kim Jones was rumored to be going to the brand.
A representative declined to comment and Michael Kors hasn’t responded to requests for comment.
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