The company that owns Versace is being bought by the luxury goods group Tapestry in a deal worth $8.5bn (£6.7bn).
Capri Holdings, which also owns Michael Kors and Jimmy Choo, is being taken over by Tapestry whose own brands include high-end names such as Coach.
Tapestry’s boss Joanne Crevoiserat said the deal “creates a new powerful global luxury house”.
Tapestry’s boss Joanne Crevoiserat said the deal “creates a new powerful global luxury house”.
“It’s creating a major American fashion conglomerate especially in the premium fashion space,” said Louise Deglise-Favre, apparel analyst at the analytics company GlobalData, told the BBC.
“It’s not as big as the likes of European giants such as LVMH and Kering, but even so it’s definitely giving its brands more of a leg to stand on,” she added.
LVMH and Kering are both France-based luxury brand giants who each control some of the biggest names in luxury fashion, leather goods and jewellery. Kering owns the likes of Gucci, Yves Saint Laurent and Balenciaga.
LVMH controls Louis Vuitton, Givenchy, Christian Dior and Marc Jacobs.
While Versace has become a symbol of Italian luxury around the world, brands such as Kate Spade and Michael Kors are seen as more affordable for some consumers, with smaller accessories typically costing from about £100.
The company that owns Versace is being bought by the luxury goods group Tapestry in a deal worth $8.5bn (£6.7bn).
Tapestry’s boss Joanne Crevoiserat said the deal “creates a new powerful global luxury house”.
Capri Holdings, which also owns Michael Kors and Jimmy Choo, is being taken over by Tapestry whose own brands include high-end names such as Coach.
“It’s creating a major American fashion conglomerate especially in the premium fashion space,” said Louise Deglise-Favre, apparel analyst at the analytics company GlobalData, told the BBC.
Tapestry’s boss Joanne Crevoiserat said the deal “creates a new powerful global luxury house”.
Tapestry’s boss Joanne Crevoiserat said the deal “creates a new powerful global luxury house”.
“It’s creating a major American fashion conglomerate especially in the premium fashion space,” said Louise Deglise-Favre, apparel analyst at the analytics company GlobalData, told the BBC.
“It’s not as big as the likes of European giants such as LVMH and Kering, but even so it’s definitely giving its brands more of a leg to stand on,” she added.
LVMH and Kering are both France-based luxury brand giants who each control some of the biggest names in luxury fashion, leather goods and jewellery. Kering owns the likes of Gucci, Yves Saint Laurent and Balenciaga.
LVMH controls Louis Vuitton, Givenchy, Christian Dior and Marc Jacobs.
While Versace has become a symbol of Italian luxury around the world, brands such as Kate Spade and Michael Kors are seen as more affordable for some consumers, with smaller accessories typically costing from about £100.
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