Michael Kors Announces Acquisition Of Versace For $2.1 Billion (2024)

FAQs

How much did Michael Kors purchase Versace for? ›

By buying Versace for US$2.1 billion, Michael Kors is spending a significant amount of money precisely to grow the group – now renamed Capri Holdings – around its own brand. In 2017, it also acquired Jimmy Choo, the prestigious British shoemaker, for €1 billion.

In 2018, Michael Kors acquired the Italian label for more than $2bn following decades of ownership by the Versace family. At that point, Michael Kors shifted Versace and shoemaker Jimmy Choo, which it bought in 2017, under a new company called Capri Holdings.

In 2017, Tapestry - then known as Coach - bought handbag maker Kate Spade for $2.4 billion. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion. A year later, Capri bought Versace for $2.2 billion.

Michael Kors acquired the Italian label in 2018, paying over €1.8 billion for the company, owned by the Versace family for decades. Along with Jimmy Choo, which it had purchased in 2017, Michael Kors set up Capri Holdings as an umbrella company - perhaps proving that fashion can truly be cyclical.

In February 2014, The Blackstone Group purchased a 20 percent stake in Versace for €210 million.

Kors returned to Project Runway in 2016 as a guest judge on the season 15 finale. In January 2014, Forbes reported that Kors reached a personal fortune in excess of $1 billion. Michael Kors Holdings had already "minted two billionaires": Silas Chou and Lawrence Stroll.

Michael Kors Holdings Limited has changed its corporate name to Capri Holdings to reflect its new status as a multi-brand fashion group following the completion of its acquisition of Versace. The company said the new name will reflect the “strong foundation” of its three brands, Michael Kors, Jimmy Choo and Versace.

Capri Holdings

Michael Kors, L.L.C. / Parent organization

Michael Kors is the leading American fashion designer of luxury accessories and ready-to-wear. The company's heritage is rooted in iconic designs with a glamorous aesthetic that combines stylish elegance and a sporty attitude. Our mission is to bring a sophisticated jet-set lifestyle to women and men around the globe.

‍Coach and Michael Kors have been locked in a handbag war that has raged for nearly a decade. In recent years, Coach has gained the upper hand thanks to a careful strategy: don't over-expose in department stores, re-target the younger demographic with pop-up shops and new designs, and use more sustainable materials.

Who owns Coach Bags now? ›

Tapestry, Inc. is an American multinational luxury fashion holding company. It is based in New York City and is the parent company of three major brands: Coach New York, Kate Spade New York and Stuart Weitzman.

The luxury conglomerate behind Coach, Kate Spade and Stuart Weitzman is growing by three more brands with the $8.5 billion purchase of Michael Kors-founded Capri Holdings Limited, merging two American fashion groups amid news that U.S. luxury spendings has slowed in favor of growth in Europe and Asia.

Donatella Versace worked side by side with her brother, Gianni, to help create one of the biggest fashion houses in the world. When her brother was murdered in 1997, Donatella was left to continue Gianni's legacy. Today, she's the artistic director of the fashion house and vice president of the Versace company.

In occasion of the 93rd Academy Awards, Olivia Cooke, Ariana DeBose, Colman Domingo and Simone Ledward Boseman chose to wear Versace. For her virtual appearance at the ceremony, Olivia Cooke opted for a shimmery pink Atelier Versace creation.

The Versace logo is the head of Medusa, a Greek mythological figure. The logo came from the floor of ruins in the area of Reggio Calabria that the Versace siblings played in as children. Gianni Versace chose Medusa as the logo because she made people fall in love with her and they had no way back.

WWD talked to the designer Tuesday, just after Michael Kors Holdings agreed to buy Versace for $2.1 billion.

The former Miami Beach mansion of Italian fashion designer Gianni Versace sold for $41.5 million Tuesday, an auction company said. Fisher Auction Company and the Jills, a Coldwell Banker Residential Real estate team, announced the sale of the Casa Casuarina, formerly the Versace Mansion.

At the time of his death, Versace's empire was valued at $807 million and included 130 boutiques across the world.

She also played a big part in expanding the Versace brand, venturing into accessories, hotels, home decor, and more. Currently, the entire fashion empire is now estimated to be worth an astounding $1.4 Billion.