Normally, this article would be detailing the events to be held during Paris Fashion Week, but it will have to take a back burner because this just in: Michael Kors bought Versace for $2.12 billion.
Yup, if you haven't heard it, you've heard it here now. The iconic brand has been bought by the once-iconic fashion brand.
Part of me is happy about this business venture because now I, a humble college student on a broke-but-ballin' budget, could own such a glorious brand name. However, a greater chunk of me is in agony. Gianni Versace did not die for his self-named brand to be bought by such a tacky name.
I say tacky because although Michael Kors had its time in the high-fashion sun, the brand is no longer considered an exclusive brand name. This is mainly because of the lack of exclusivity of the label now.
Consider it: look around you and see how many MK watches, wallets, purses and sunglasses people possess. The more you see, the less high-fashion it is. Vice versa, the less you see, the more high-fashion it is. This has to do with the basic concept of supply and demand and the upper class' attempts to stray from the norm. If someone has what most people don't then it must be cool.
Donatella Versace, Gianni's sister, is the current creative director for the brand, along with help from her brother Santo and daughter Allegra. Donatella announced in a statement that they all, "…recognize that this next step will allow Versace to reach its full potential." The Versace family will reportedly remain its role within the company, with Donatella in her designer position, as well as the same CEO, Jonathan Akeroyd.
Michael Kors Holdings Limited is the official organization that purchased Versace, and with this acquisition will be renamed Capri Holdings. With the addition of this business venture, Capri Holdings is now in the possession of both Versace and Jimmy Choo (bought in 2017). Who will they buy next?