Michael Kors is buying Versace for 2.35 billion dollars
There is no official information on the deal for 2.35 billion dollars which allows Michael Kors Holding to become one more step closer to be the one and only fashion mogul. He already bought Jimmy Choo company.
While it is growing stronger, there is still another big name on the horizon that apparently became the number one goal to Kors Holding. Gianni Versace SpA will cost 2.35 billion dollars to Kors.
According to the source, both parties are satisfied with the deal and will announce it in the nearest future. It is expected to hear official confirmation not later than during this week.
Kors is well known as a judge on Project Runway, the hit show for designers, and mainly as luxury handbags, affordable for women. This new deal may give him more powers to compete with French conglomerates like LVMH, the owner of Givenchy, Fendi and Louis Vuitton, and Kering, who owns Saint Laurent, Balenciaga and Gucci.
For now, there are no American conglomerates similar to them. No American fashion brands had such powers and resources as these two French conglomerates. The deal means that there is a chance to see changing powers in the fashion industry. Some bettors even play on which name will Kors choose for his holding after the deal.
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