That a brand like Versace, with a DNA so entrenched in the exclusive and luxurious Italian aesthetic, has aligned itself with Michael Kors, a label known for its accessibility, has surprised many who were expecting it to announce an imminent IPO. But if 40 years of Versace has taught us anything, it’s not to underestimate the brand or Donatella, the woman who has steered it since her brother Gianni’s death in 1997.
In selling to Kors for $2.1bn (£1.6bn), Versace has sought to secure her family’s fashion legacy. It’s a sentiment shared by the fellow Italian fashion house Missoni, which sold a 41.2% stake to a private equity firm for €70m (£63m) this year. “Either you grow or you die,” the brand’s creative director, Angela Missoni, told Jess Cartner-Morley this month.
“For the luxury conglomerate landscape, these two companies might not seem like natural bedfellows,” said Kathryn Bishop, the deputy foresight editor and luxury sector specialist at The Future Laboratory. “But Michael Kors could bring much-needed modernisation to the label in an era when sexy doesn’t sell quite like it used to, and perceived Italian rival Gucci continues to innovate, winning the attention and spend of younger, globally minded shoppers.”
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