The fashion world was sent into a flurry of excitement and speculation in late 2018 when it was announced that Michael Kors Holdings Limited, the parent company of Michael Kors and Jimmy Choo, had acquired the iconic Italian fashion house, Versace. The deal, valued at over $2 billion (€1.83 billion), marked a significant turning point for both brands and represented a bold strategic move by Michael Kors to solidify its position as a major player in the luxury market. This article will delve deep into the details of this monumental acquisition, exploring who owned Versace before the deal, the implications of Michael Kors now owning Versace, and the future trajectory of both brands under a single corporate umbrella.
Who Owned Versace Before the Michael Kors Acquisition?
Before the Michael Kors acquisition, Versace was a family-controlled company, primarily owned by the Versace family. While the exact percentage holdings of each family member were never publicly disclosed, Donatella Versace, Gianni Versace's sister, held a significant and controlling stake. She had been the creative director of the brand since her brother's tragic death in 1997 and played a pivotal role in shaping the brand's identity and direction. Other family members also held shares, though their influence was considerably less than Donatella’s. This family ownership structure, while contributing to the brand's unique identity and creative vision, also presented certain limitations in terms of access to capital and strategic expansion opportunities. The family's desire for a larger platform to fuel future growth ultimately paved the way for the Michael Kors acquisition.
Does Michael Kors Own Versace? The Michael Kors Versace Acquisition
Yes, following the completion of the deal in late 2018, Michael Kors Holdings Limited (now Capri Holdings Limited, after the subsequent acquisition of Jimmy Choo) officially owns Versace. The acquisition was structured as a buyout, meaning Michael Kors purchased the entire company, effectively ending the Versace family's direct ownership. The deal involved a complex financial structure, but the key outcome was the transfer of ownership and control of Versace from the Versace family to Michael Kors. This acquisition wasn't merely a financial transaction; it represented a significant strategic shift for Michael Kors, allowing it to gain immediate access to the high-end luxury market and expand its brand portfolio beyond its existing accessible luxury positioning.
Who Owns Versace Company Now? Who Owns Versace Now?
The answer to both these questions is the same: Capri Holdings Limited. Following the Versace acquisition, Michael Kors Holdings Limited rebranded itself as Capri Holdings Limited to reflect its diversified luxury portfolio. Capri Holdings Limited now owns Versace, Michael Kors, and Jimmy Choo, making it a significant force in the global luxury fashion industry. The acquisition of Versace was a key step in Capri Holdings' ambition to become a leading player in the luxury segment, offering a range of brands catering to different price points and consumer preferences.
Gianni Versace Buyout: A Legacy Transferred
While the Michael Kors acquisition wasn’t a direct buyout of Gianni Versace himself (he tragically passed away in 1997), it effectively marked the end of the Versace family's direct control over the company he founded. Gianni Versace built Versace into a global powerhouse, synonymous with extravagance, glamour, and Italian craftsmanship. His legacy remains deeply interwoven with the brand’s identity, and the acquisition represented a significant shift in the management and ownership of that legacy. The deal ensured the continued success of the Versace brand, but under new corporate leadership and a different strategic vision.
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