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Versace fans vent fury over $2.1bn sale to Michael Kors Michael Kors snaps up Versace for $2.1bn
(35 minutes later)
US fashion giant Michael Kors has confirmed a $2.1bn takeover of Versace in a move that has outraged some fans of the Italian fashion house.US fashion giant Michael Kors has confirmed a $2.1bn takeover of Versace in a move that has outraged some fans of the Italian fashion house.
Creative director Donatella Versace's social media accounts have been swamped by loyal fans pleading with her to keep the brand independent. Creative director, Donatella Versace, has run Versace since the 1997 murder of her brother Gianni.
One said they would "end it all" if the sale went ahead. She called the sale a "very exciting moment" and "allow Versace to reach its full potential".
Donatella has run Versace since the 1997 murder of her brother Gianni, who founded the firm four decades ago. Donatella will "continue to lead the company's creative vision", said Michael Kors chief executive John Idol.
Twitter and other social media is seeing some strong opinions about the move: Donatella's social media accounts have been swamped by loyal fans pleading with her to keep the brand independent.
Many of the comments are unrepeatable, but one common theme is a fear that the brand they revered would lose its unique quality.Many of the comments are unrepeatable, but one common theme is a fear that the brand they revered would lose its unique quality.
Its distinctive brand of glitz has been worn by some of the world's highest-profile stars and graced the pages of newspapers and magazines more often than almost any other luxury fashion brand. Michael Kors is also known as a luxury brand, albeit way less exclusive and his lower price tags give him a far wider customer base.
His eponymous label was founded in 1981 and his company has almost 800 outlets worldwide.
Versace is one of the last major independent global fashion giant. All the others are part of a biggest conglomerate.
One of the company's plans for Versace is to increase the number of outlets it has from 200 to 300 stores.
It also plans to more than double turnover to $2bn, partly by boosting the percentage of footwear and accessories, a category that is often more affordable and faster-selling, from 35% to 60% of revenues.
Versace's vivid and distinctive brand has been worn by some of the world's highest-profile stars and graced the pages of newspapers and magazines more often than almost any other luxury fashion brand.
A key moment came in 1994 when the unknown Elizabeth Hurley accompanied boyfriend Hugh Grant to the premiere of Four Weddings and a Funeral. The tabloids could not believe the sight.A key moment came in 1994 when the unknown Elizabeth Hurley accompanied boyfriend Hugh Grant to the premiere of Four Weddings and a Funeral. The tabloids could not believe the sight.
Versace, until then just another Italian fashion brand, became synonymous with "That Dress".Versace, until then just another Italian fashion brand, became synonymous with "That Dress".
The brand is most valued by the glitzier ranks of the famous, with Michael Jackson and Princess Diana among its fans. She attended Gianni Versace's funeral, along with Elton John, who has also been a keen wearer of Versace.The brand is most valued by the glitzier ranks of the famous, with Michael Jackson and Princess Diana among its fans. She attended Gianni Versace's funeral, along with Elton John, who has also been a keen wearer of Versace.
The newer generation include Nicki Minaj, a clutch of Kardashians and Jenners, and the Beckham family, who are among the mere 161 people Donatella follows on Twitter.The newer generation include Nicki Minaj, a clutch of Kardashians and Jenners, and the Beckham family, who are among the mere 161 people Donatella follows on Twitter.
But those fearing a despoiling of the Versace magic may be worrying unnecessarily.But those fearing a despoiling of the Versace magic may be worrying unnecessarily.
Michael Kors itself joined the stock market in 2011. Michael Kors himself designed the first women's ready-to-wear collection for high-end Paris fashion house, Celine.
It has gained new experience handling other luxury brands. Last year it bought Jimmy Choo, another tabloid fashion favourite, the luxury shoemaker founded in London, for almost £900m. Customers have included Taylor Swift, Angelina Jolie, the leading Trump women and Michelle Obama.
The business has gained new experience handling other luxury brands. Last year it bought Jimmy Choo, another tabloid fashion favourite, the luxury shoemaker founded in London, for almost £900m.
The Versace deal adds significantly to Kors' luxury portfolio.The Versace deal adds significantly to Kors' luxury portfolio.
The Versace family owns 80% of the company, with the remaining 20% owned by the private equity firm Blackstone Group.The Versace family owns 80% of the company, with the remaining 20% owned by the private equity firm Blackstone Group.
It reported sales of €686m for 2016 and chief executive Jonathan Akeroyd said earlier this year that annual turnover was soon expected to exceed €1bn.It reported sales of €686m for 2016 and chief executive Jonathan Akeroyd said earlier this year that annual turnover was soon expected to exceed €1bn.
If Donatella herself stays on it is possible fans will not notice any change. After all, why buy a well-loved business and tear up what makes it appealing? With Donatella herself staying on, it is possible fans will not notice any change. After all, why buy a well-loved business and tear up what makes it appealing?