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News broke overnight that the rumour of Michael Kors buying over Versace was really not a rumour at all but really happening. Wake yourselves up dears, because yes, one of the last prominent stand-alone fashion brand is about to be sold into a conglomerate. The rumour that Michael Kors has plans to purchase the Italian fashion house started on Tuesday, the estimated bid was $2.1 billion.
“This is a very exciting moment for Versace,” Donatella Versace said in a statement, “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. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential.”
So what has changed and what hasn’t from the joining of these two companies? We looked into the details…
What is going to change…
The birth of Capri Holdings Limited
Image credit: CNBC.com
Michael Kors Holdings will now be rebranded as Capri Holdings Limited once the deal is completed. Michael Kors previously purchased Jimmy Choo in 2017 for $1.2 billion dollars in current exchange rate. With Versace on board, the group decided that it was fitting to change its name in the process.