You may not be able to come to terms with this but ‘Micheal Kors now owns Versace.’
Michael Kors is a global luxury accessory and ready-to-wear designer. His namesake company was established in 1981 and today produces a range of products under his label – handbags, clothing for men and women, accessories, watches, eyewear, fragrance, jewelry, and footwear.
Behind this burgeoning empire stands a singular designer with an innate sense of glamour and an unfailing eye for timeless chic. Michael Kors is dedicated to a vision of style that is as sophisticated yet indulgent and iconic yet modern.
Michael Kors launched his all-American sportswear label in 1981 with a luxurious take on sophisticated clothes designed for a woman’s everyday life. Synonymous with easy glamour and timelessness, the collection included sophisticated separates and eveningwear as well as shoes, handbags and other accessories.
“I design for women and men who need clothing and accessories that can keep up with their fast-paced lives and make them feel like their best selves.” – Michael Kors.
The Designer Michael Kors was raised in Merrick, Long Island, and his keen eye for fashion was evident at a young age.
Kors graduated from high school in 1977 and attended the Fashion Institute of Technology in New York City, and in 1981 officially launched his own line. He held his first runway show in 1984. His show was a success and him designing chic, luxurious sportswear that was both glamorous and effortless. He built a reputation as a designer who understands how women live and how they want to feel in their clothes. As said by Michael Kors “People think of sportswear as uniquely American, but women around the world love playing with separates because they can put their own spin on them. The creative thinking behind sportswear is the same no matter where you are—it’s all about great pieces that women can wear every day.”
While establishing his brand, Michael Kors also served as the creative director of Céline. He launched Michael Kors Men's in 2002 and MICHAEL Michael Kors in 2004.
Michael Kors Holdings went public in 2011 and the company’s share price has tripled today, making it one of the most dominant players in the ‘affordable luxury’ market. The brand has over 400 stores in 89 countries, with flagships in New York, London, Paris, Milan, Tokyo, Hong Kong, Seoul, Singapore, Dubai, and Istanbul.
Michael Kors Holdings will be renamed Capri Holdings Limited with the new acquisition. The name is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destinations”
With their new acquisition, it is providing Michael Kors an entry into the high-end European luxury market, although they had already sipped into the European market by buying shoe brand Jimmy Choo for $ 1.2 billion.
As a part of the understanding of the brand, Versace will still be overseen by Donatella Versace, who helped run the company after her late brother Gianni. They also plan to grow the global revenue of Versace to $2 billion and increase it’s retailing from roughly 200 to 300 stores. The brand also expects to expand in the accessories and footwear department from 35 percent to 60 perfect revenue. This deal also marks one of the first times an American Company has bought over from high-end luxury fashion, controlled by LVMH.
In the year 2018, the global market for personal luxury goods was estimated to be worth $ 307 billion and is expected to reach $446 billion by 2025 according to data.