Breaking news just recently struck the fashion industry and shocked everyone. American conglomerate(a large corporation or business)-in-the-making, Michael Kors, is buying Italian fashion house Versace for approximately $2.12 billion. This deal was done in all cash and is expected to close in the fourth quarter of 2019. In his presentation to investors, Michael Kors outlined his major plans. His plan included increasing its global retail footprint from 200 stores to about 300, and building e-commerce worldwide in order to spread the brand more vastly. He also plans to expand women’s accessories and footwear, which currently only takes up about 36% percent of the brand. This is an exciting change for the future, and people are very anxious to see what’s in store. Donatella Versace says “this is a very exciting moment for Versace, I am proud that Versace remains strong in both fashion and modern culture.” In agreement with Donatella, the rest of the executive board of Versace are looking forward to this change and believe it will help Versace reach its full potential. Michael Kors hopes to expand in all shapes in forms. From buying Jimmy Choo last year for $1.2 billion to Versace this year, they are making major moves for the future of fashion. With so much change and adversity to look forward to, all we can ask is, what’s going to be next?!
This article is written by a student writer from the Her Campus at FIU chapter.