Versace fans are terrified that a $2 billion deal with Michael Kors will 'kill' the fashion brand. Here's what the companies say will actually change. [DailyFinance (AOL.com)]
Macy's Inc (M)
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Source: DailyFinance
Kate Taylor Sep 25th 2018 11:46AM Michael Kors is buying Versace in a $2.12 billion deal, the companies announced on Tuesday. Many fans expressed concern that the deal would be the death of Versace's reputation as a prestigious luxury brand. The companies said changes are in the works, including opening roughly 100 Versace stores, doubling down on shoes and accessories, and building up online shopping. Michael Kors is buying Versace in a $2.12 billion deal. When news broke yesterday that the acquisition was near, many Versace fans revolted. An American company taking over the Italian luxury fashion designer, critics argued, would be the death of the brand. Most Versace bags cost more than $2,000, while you can buy a Michael Kors handbag at Macy's for less than $100. Don't let MKors buy any % of Versace. He will ruin it. He will kill it, one of the dozens of angry comments that flooded Instagram reads . With the announcement
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