U.S.-based fashion giant, Michael Kors, will gain a massive acquisition of the Italy's famous fashion house, Versace, for $2.1 billion later this year.
For those new to the world of high-fashion, Versace, is an Italian luxury fashion company that was founded by Gianni Versace in 1978. The main collection of the brand is Versace, which produces upmarket Italian-made ready-to-wear and leather accessories.
Interestingly enough, The Versace logo is the head of Medusa, a Greek mythological figure. The logo came from the floor of ruins in Rome that the Versace siblings played in as children, and Gianni Versace chose Medusa as the logo because she made people fall in love with her and they had no way back, thus hoping his company would have the same effect on people.
Michael Kors has made no secret of its ambition to grow its portfolio of high-end brands after acquiring the UK-based shoe brand, Jimmy Choo, for $1.2 billion last year. As part of the deal, however, the Versace family will keep a role in certain aspects of the company.
We hope you’ve enjoyed learning about how Michael Kors has gained a massive asset by Valuing Versace! What are your thoughts on the merge of these two fashion giants? Join the conversation below