Michael Kors Nets Versace, Unseats Donatella

 

It appears that Michael Kors is continuing its quest for world domination: Just over a year after acquiring Jimmy Choo, the iconic New York brand revealed that it was adding the Italian fashion house Versace to its portfolio. The purchase contributes a layer of couture to the company, as Versace accessories alone cost upwards of $1,000. The acquisition also speaks to a larger concern within the fashion industry itself, as Versace was one of few Italian brands not controlled by a foreign conglomerate. While Donatella Versace will remain at the helm of the brand’s creations, Kors’ ownership is raising eyebrows about the future of made-in-Italy products. Versace herself is also one of few women spearheading a major fashion brand—only time will tell if her leadership remains firm as Versace is incorporated into the Kors holding group.

For Further Reading:

It seems as though the Michael Kors acquisition is not the only change happening at the house of Versace: Runway reporters were quick to pick up on a change in mood evident in the brand’s SS19 collection.

Discussion Question:

What do you think about the fact that more and more fashion brands are being controlled by large holding company conglomerates? What do you think this says about creativity and business in the industry?
 

Action Item:

Research how many other luxury fashion brands are led by women. Tally them up, and the number might surprise you.

 

Read more on CBS News | Image: Versace


 
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