Michael Kors Makes First Power Move With Versace

After the surprising announcement on September 25 that the new Michael Kors conglomerate, Capril Holdings, was set to purchase Versace for $2.1 billion, its first major business move has been revealed: it will integrate Versace’s diffusion line, Versus, with the house’s other contemporary line, Versace Jeans.

Aside from this, Capri Holdings outlined its pledge to create 100 new stores across European, US and Asian markets, to build on Versace’s runway momentum, to expand accessories and footwear from 35 percent to 60 percent and to push its e-commerce platforms and omni-channels.

https://www.instagram.com/p/BVdqNZoAGIZ/?utm_source=ig_embed

The news was delivered by CEO Jonathan Akeroyd, who spoke to WWD on October 31 and said since acquiring Versace the company has been searching for ways to change up the fashion brand’s business model.

“We have been looking at ways as to how we can simplify our business model and enable us to give a better focus and energy into our brand portfolio to ensure that we contrive to be innovative and relevant in everything we do,” said Akeroyd. “This merger will allow to further develop the Versace Jeans collection and at the same time not to lose the DNA and codes that made Versace so iconic.”

https://www.instagram.com/p/BoO8MxVCvHn/?hl=en&taken-by=versace

Creative Director, Donatella Versace, is said to continue to oversee the collection which was born in 1989 as a gift from her brother, Gianni Versace. The brand was on hiatus from 2004 to 2009, but since then it has served as Versace’s main platform for its collaborations with younger creatives, such as Christopher Kane, JW Anderson, Anthony Vaccarello and Zayn Malik.

This signature line will now be the parent company’s main focus as it revisits Versace Jeans which is licensed to Swinger International.