People everywhere seemed to be pretty surprised when Versace announced that they will be selling the Italian luxury brand company to Michael Kors for $2.1 billion dollars. Many users on Twitter are under the idea that due to this new purchase, Versace’s value will be decreased, resulting in the brand becoming a household name.
According to foxbusiness.com, Versace items may soon become more affordable, compared to the $2,000 jackets formerly sold. Michael Kors Holdings Limited announced that they will be changing the company’s name to Capri Holdings Limited, which own Michael Kors, Jimmy Choo and now Versace.
Donatella Versace will remain in the company overseeing its creative initiatives. Along with her, Donatella’s brother and former Versace CEO will continue to lead the management team for Versace.
So what does all of this news mean? Well people took to twitter to express their opinions. Some made jokes that Versace will now be in your local TJ Maxx and Marshalls stores:
Others backed up the brand proving that although Versace is getting bought by Michael Kors Holdings Limited, the company shouldn’t lose its value under the new name. The following tweet explains several other luxury brands owned by “regular” brands:
Its safe to say that Versace will remain a luxury brand, however Michael Kors Holdings Limited has a plan for the brand. The company says they will open 100 more stores and increase revenue from 35 percent to 60 percent.
People.com reports that Donatella Versace says, “My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”