Independent Fashion Houses are becoming a rarity
If you purchase something through the links in this post, Notorious-mag will get a commission.
It´s confirmed, it´s official, it´s big: Versace, one of the last independent European fashion houses now belongs to Michael Kors Holdings Limited. The Italian Fashion House was founded by Gianni Versace in 1978 and has, apart from the 20% they sold to the Blackstone firm in 2014, ever since been in the Versace family´s hands.
Selling the brand (for 2.1 billion $ btw) now to Kors was – according to Donatella Versace – a necessary step in order for it to grow. Donatella, who will remain the artistic director and still implement the label´s creative vision, claimed to be excited about this development. For the Kors Group this means the beginning of building up an empire. Last year, Michael Kors Holdings already bought shoe brand Jimmy Choo and together with Kors´ own brand it might be competing with other big luxury groups like LVMH or Kering. To usher in this entirely new era, Michael Kors Holdings will also be renamed to Capri Holdings referring to the wealthy people´s love for the fancy-pancy holiday destination.
We are quite curious what this will mean for the brand and if it´s going to change (apparently not, if you believe John Idol, chief executive of MK). In the meanwhile let´s indulge in reminisces and shop some iconic Versace pieces!