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Michael Kors takes on Versace

Versace+sees+a+new+future+of+Handbags%2Faccessories+
Versace sees a new future of Handbags/accessories

Versace sees a new future of Handbags/accessories

Rachel Ditmarson

Rachel Ditmarson

Versace sees a new future of Handbags/accessories

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On the 25th of September, Michael Kors purchased the brand Versace for $2.1 billion.

Kors added Versace to its collection of brands, which also includes Jimmy Choo. As part of the deal, Kors decided they will be changing its name to Capri Holdings. With Versace in its possession, Kors plans to make it a multi-billion dollar business. They plan to do this by opening 100 new stores, making more accessories and shoes, and by investing in e-commerce. Kors also wants to expand their horizons by branching out into Asia, specifically Japan and South Korea.

Versace merchandise will differ from how it used to by the accessory branch being upgraded. The accessory subcategory of Versace only accounted for 35% of the brand’s income and is hoped to increase to 60% of the income. They plan to make this a reality by focusing on handbags as an efficient way of reaching a bigger audience.

Donatella Versace, Versace’s vice president, comments on this business exchange saying, “This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”

We believe that being part of this group is essential to Versace’s long-term success, my passion has never been stronger.”

— Donatella Versace

Versace has also taken some criticism since the purchase was completed. Italian press question why the brand was not sold to an Italian company. Donatella responded to these questions in an Italian daily newspaper; Corriere della Sera. She replies, “In the last year Versace has been approached by many people. French, American… but no Italians. It was not us who refused to take part in an Italian group.” Prior to Donatella clarifying this, it was originally inferred that Versace would make a public offering instead of selling to a private bidder.

 

 

 

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About the Contributor
Rachel Ditmarson, Journalist

Rachel Ditmarson is a senior at Sartell High School. She enjoys making collages and cutting her bangs, only to regret it the next day. Rachel is notorious for spending her whole check the day she gets it and neglecting to fill her gas tank until she realizes she has spent all her money. Her favorite movie is Baby Driver, and her favorite band is Brockhampton. She wants to move to the cities for college and has hopes to become an interior designer someday.

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Michael Kors takes on Versace