Both Michael Kors and Versace are well known high fashionable brands. There’s some surprising news in the fashion world, and rumor has it that Michael Kors bought Versace for $2 billion! The company even covered all of Versace’s debt on Tuesday. But that doesn’t mean that the two brands are coming together. Kors wants to grow Versace sales, after the Italian label sold about $800 million last year returning to its net profit.
As there are about 200 Versace stores now, there is expected to be around 300 within the next few years! Donatella Versace said she agreed to the deal because it will help with her brands long-term success, and the firm will continue to lead it’s creative, inspiring vision. The U.S. company of Michael Kors wants to take its brand to the next level by adopting brands like Versace.
Michael Kors is known for their bags, wallets, keychains, and accessories. Both brands are high end, but Versace tends to be on the more luxury side. The luxury brand has definitely taken a hold of some high fashion, European brands lately… and it’s definitely a milestone for the company and Donatella agrees, Versace will be as good as ever!
