Last year Michael Kors purchased Jimmy Choo for $1.2 billion and now comes word that the fashion enterprise will buy Versace for more than $2.4 billion. Really? Hold up, I like Michael Kors but once I saw it being sold in Ross and other discount retailers I thought the label was on its way out. Well I guess I was wrong.
Now don't get it twisted, like I said I love Michael Kors all day long. I have shoes by the designer, a handbag or two, and I've been eyeing a pair of MK platform sneakers for the longest. But I guess I've been sleeping on Michael Kors because he is buying up fashion houses left and right. Who knew the family Versace empire would ever be sold?
Gianna Versace (rest in peace) founded the fashion house more than 40 years ago in Italy and his sister Donatella took over after his untimely death in 1997. Versace has been a staple in the fashion industry, known for it's over-the-top and borderline gaudy apparel, accessories and fragrances. Many rappers have included the Versace name in their songs, and the style can be seen on celebs and those with lots of money especially in the clubs in Miami.
Wow, Michael Kors is snatching up some big names in fashion, and the price tag on these empires are no joke -- $2.4 billion? Whoa, I better brush the dust off my Michael Kors shoes in the back of the closet and give him his props.