Money Moves! Celebrities' Favorite Fashion House, Versace, Is Selling To This Designer For $2 Billion

Money Moves! Celebrities' Favorite Fashion House, Versace, Is Selling To This Designer For $2 Billion

Versace, Versace, Versace...

Published September 24, 2018

Michael Kors is about to shake the fashion industry up by announcing plans to buy the legendary fashion brand Versace for $2.34 billion.

The details are reportedly still being hashed out, but according to BloombergDonatella Versace, the creative director of the Italian house, has scheduled a meeting for Tuesday to inform employees of the upcoming deal.

Sources close to the Versace family told Bloomberg that the family will stay on to work for the label in some capacity regardless of a sale. The Versaces have struggled with their iconic fashion house after founder Gianni was murdered in Miami in 1997. His sister Donatella took over the role but the brand didn't see a boost in sales until Giancarlo di Risio came on board as their new CEO.

 



 

 

MILAN, ITALY - SEPTEMBER 23:  Donatella Versace attends the Green Carpet Fashion Awards at Teatro Alla Scala on September 23, 2018 in Milan, Italy.  (Photo by Stefania D'Alessandro/Getty Images)
(Photo: Dimitrios Kambouris/Getty Images for Michael Kors)
NEW YORK, NY - SEPTEMBER 12: Michael Kors poses backstage during the Michael Kors Collection Spring 2019 Runway Show at Pier 17 on September 12, 2018 in New York City.  (Photo by Dimitrios Kambouris/Getty Images for Michael Kors)
(Photo: Stefania D'Alessandro/Getty Images)

The acquisition will be an interesting move for Michael Kors, because his line is known for having more affordable prices. Versace is still a favorite amongst Jennifer Lopez, Kim Kardashian, Cardi B and more.

So, if this is true, we're wondering if it will affect the brand's aesthetic in any way? We'll have to stand by and see.

 

 

Written by Tira Urquhart

(Photo: Raymond Hall/GC Images, Nicholas Hunt/Getty Images for MTV, Arnold Jerocki/Getty Images)

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