One of the biggest brands in Hip Hop culture Versace has a new owner today! Donatella Versace who has been running Versace for the last 20 years sold Versace to Michael Kors for over $2.12 Billion dollars. In addition to the Billions Donatella and family will get over $177 Million dollars in shares of the new company.
Michael Kors chairman and CEO John D. Idol also commented on the deal, stating, “We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth. With the full resources of our group, we believe that Versace will grow to over U.S. $2 billion in revenues.”
According to reports, the new company is focused on raising its exposure in Asia and reducing their reliance on business in the Americas. In addition to buying Versace, Michael Kors also owns Jimmy Choo, which they bought last summer for $1.2 billion
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