Michael Kors has bought Italian fashion house Versace in a deal worth more than $US2 billion in a bid to fully take over the world of high-end fashion.
The deal that was put in place on Tuesday comes just 14 months after the New York handbag maker spent $US1.35 billion adding to its portfolio Jimmy Choo, the shoemaker that rocketed to fame on the high heels of Sex And The City. To fully suit this portfolio, the brand has renamed itself, Capri Holdings/
To say that the sale has caused a ripple in the fashion world is putting it mildly. Not only are fashion enthusiasts struggling to take this news in, fans of the luxury fashion brand, have taken to Twitter to express their outrage. See tweets on the Kors-Versace deal below:
RIP Versace we know and love…and let's tell Michael Kors because i'm sure he doesn't know it yet:it's Versace, not Versachee. pic.twitter.com/vEnNNqXjXY
— 𝒜.🕊 (@VOGUENART) September 25, 2018
Michael Kors having acquired Jimmy Choo + Versace: pic.twitter.com/jS54eqlMrh
— Shelby Ivey Christie (@bronze_bombSHEL) September 25, 2018
Michael kors really did just buy Versace….. i am disgusted pic.twitter.com/1mJtNNzRPB
— james bowman (@jamesb0wman) September 25, 2018
— Complex Style (@ComplexStyle) September 25, 2018
Gays purging their closets after Donatella sold the Versace brand to Michael Kors pic.twitter.com/ojfw9xyYUJ
— Noah Cassiel (@NCassiel) September 25, 2018
versace selling to michael kors is like when ur ex starts dating someone ugly
— Eilish Boyd (@boyd_eilish) September 25, 2018
John Idol, chairman and CEO of Michael Kors Holdings, said that Versace will still remain a luxury brand and that it will be going in the “opposite” direction of the Michael Kors brand.
— IAMFASHION (@IAMFASHlON) September 26, 2018