Micheal Kors’ speed into high-end of fashion world is becoming a force we cannot fathom. It was barley two years when this same brand coveted and acquired Jimmy Choo shoe brand with a whooping sum of 1.35billion USD, now the news sphere cannot contain this huge one on Versace.
The prestigious Italian fashion house, Versace is been bought by Micheal Kors in a deal worth more than 2billion USD. The ongoing mixed feelings from this yesterday’s deal cannot be put into straight words in fashion history.
On the other hand, there’s no point mincing words with how hard Michael Kors Holdings Ltd is trying to fire up sales by cranking up the glamour. In addition to the two brands under this tremor-causing label, Micheal Kors will be changing identity for the purpose of reframing its public perception.
Michael Kors remains the chief creative director at Kors, but the expanding company will be renamed Capri Holdings Ltd, with 8 billion USD in projected annual sales. Versace is considered a key engine of growth says the executives.