Versace fans are begging Donatella Versace to reconsider sale to Michael Kors
Accessory design giant Michael Kors on Tuesday purchased Italian luxury brand Versace for $2.1 billion, reports The Washington Post, and some Versace fans are not happy.
The luxury brand, founded by Gianni Versace in 1978 and currently helmed by his sister Donatella, sells high-end goods that often sell for five times as much as Michael Kors' sportswear items, says The Associated Press. When rumors of the sale began to swirl, Versace loyalists revolted, saying Kors would "ruin" or "kill" the brand. Some begged the brand to reconsider, writing, "think about what Gianni would want, Donatella ... please."
Kors reportedly wants to open about 100 new Versace stores, focus on selling shoes and accessories, and increase the brand's online shopping profile. The company hopes to more than double Versace's revenue in coming years. Donatella Versace will remain on as a creative director, and NPR reports that she and other family members will receive about $177 million worth of shares in the newly-formed parent company, Capri Holdings.
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"STAY AWAY FROM VERSACE," said one Twitter user, echoing the sentiments of many others who said Kors would diminish Versace's "heritage" and "Gianni's memory." Others directly attacked Kors' designs as "tacky," and worried that Versace would "go from high-end luxury" to "duty-free cheap s--t you buy at the airport."
The Versace family, for their part, called it "a very exciting moment," reports USA Today, and said the sale "will allow Versace to reach its full potential." Read more at The Washington Post.
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Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
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