The US fashion house has set its sights on the global fashion market
It’s official: Capri Holdings – formally known as Michael Kors – has snapped up Versace for $2.1bn. Creative director Donatella Versace, who has run the Italian luxury brand since 1997 following the death of her brother Gianni, called the sale “an exciting moment”.
ALSO READ:
Saudi Arabia’s to build more driving schools for women
The first women’s go-karting race is held in Saudi Arabia
Donatella is set to work closely with the US fashion giant for the next chapter of the company’s development.
“We’re excited to have Versace as part of our family of luxury brands and we’re committed to investing in its growth,” Capri Holdings chariman and CEO John Idol said. “We believe that the strength of the brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”
Kors, who’s well-known for their affordable handbags and sportswear, expressed the brand’s plans to grow Versace to $2 billion in revenue globally and expand from 200 stores to 300 as well as a commitment to increasing online sales.
The move will see the US fashion giant look to grow Versace’s sales of accessories, including handbags, leather goods and shoes.
Regions outside of Europe have been identified as a growing opportunity for the Versace. The brand have currently been expanding in the Middle East, with the Palazzo Versace hotel right here in the UAE, also one of our fave places to brunch.
Just recently, Nicki Minaj and her rumoured beau Lewis Hamilton were spotted there, where she donned a three-piece ensemble featuring the fashion house’s signature baroque print.
View this post on Instagram
Nicki has arrived and now the party STARTED! 💥🔥 💋 @nickiminaj #nickiminaj #VersaceSS19 #MFW
In an interview with British GQ this year, Donatella Versace confessed that she “wanted the company to stay forever”. She cited Russia, the Far East and the Middle East as one of the first locations the Italian luxury label courted customers and attributed this to the brand doubling its revenue in a decade.
We can’t wait to see to see where Capri Holdings takes the brand next!
Images: Supplied, Twitter
