Michael Kors, Ltd. is Closing a Deal to Purchase Versace for over $2 Billion
Michael Kors is following close in the steps of rival luxury brand Gucci by rebranding itself as an accessories focused brand to gain a younger audience, just as Gucci has done and they’re hoping the aquisition of Versace will help them attain this goal. In a deal worth $2.12 billion, the 46.6% sales growth Gucci experienced in the first half of the year alone with over half of their customers being under 35 is the type of success Michael Kors is hoping they will get to capture for their own namesake. Sales have slowed for Michael Kors’ parent company and tacking on Versace as a luxury brand with the the planned expansion of 100 more Versace stores and increased online presence, this should be a win win scenario for both Michael Kors, Ltd. and Versace. After all, Michael Kors purchased Jimmy Choo and their profits have excelled in the first quarter of the year because of their leadership.
Let’s be honest here. There are definitely going to be naysayers. Many of Versace’s items can cost 5x that of Michael Kors. But for those concerned about this democratization of Versace should have nothing to worry about. Donatella Versace is going to stay on as creative director. She’s certainly not worried given the $177 million worth of shares she and other family members are getting in the newly formed parent company Capri Holdings. As it stands now, Michael Kors, Ltd has under $5 billion in revenue as opposed to the over $40 billion revenue Louis Vuitton’s parent company of LVMH has so there is definitely some catching up to do but not impossible.
Glitzers, do you support Michael Kors purchasing Versace?
- ICYMI: Black Ink Crew Chicago’s Phor Sends A&& Shot Videos to… Who Exactly? - October 14, 2018
- Model Steven Johnson’s Looking Pretty Heavy in His Boxer Briefs - October 13, 2018
- Diddy’s Son Justin Combs Gets Caught Sending Naked Videos - October 13, 2018
- British Rapper and Model Tom Zanetti Posts His Nudes on Snapchat - October 13, 2018
- WWE Wrestler Seth Rollins’ Fiance Leaks His Nudes Out of Alleged Cheating Revenge - October 13, 2018
- Fashion Designer Matthew Camp, His Fragrance ‘8.5’ & His D*ck Revealed - October 13, 2018
- Former 49ers NFL Player Mario Manningham’s Very Impressive Nudes Leak - October 13, 2018
- ICYMI: Nudes of Khloe Kardashian’s Ex Rashad Mccants Who Also Cheated On Her Have Leaked - October 11, 2018
- Gay Philly Rapper that Remixed Beyonce’s ‘Partition,’ Steve Cizzle’s Naked - October 11, 2018
- Kelton Kessee from Immature’s Still Fine & His Nudes are Just as Impressive - October 11, 2018