Donatella Versace Promises She Isn’t Going Anywhere Following $2.12 Billion Sale To Michael Kors
Donatella Versace sought to ease the concerns of supporters and to put her rivals on notice on Thursday, September 27, when she took to Instagram to issue a statement declaring that in spite of this week’s sale of the 40-year-old Versace family brand, she has no plans to bow out of the fashion scene.
“First of all, I wanted to let you know that I am NOT going anywhere, so for those who wanted to get rid of me, well… it ain’t happening!” Donatella wrote in the caption of a snapshot that she credited Iranian artist and photographer Rahi Rezvani ?with taking of her. The 63-year-old designer’s words stood to verify that it has been worked out for her to remain in her role as Creative Director under the ownership of Michael Kors, as has been reported by Business Insider.
Donatella then followed the bold pronouncement by stating her intention to ensure the preservation of the brand’s name, quality, and legacy.
“I also wanted to reassure you that Versace will remain ITALIAN, Made in Italy and that it will keep its GLAMOUR, DARING and INCLUSIVE attitude that have made you all love it.”
The announcement proved to be well received by those among Donatella’s 3.5 million followers who reacted, with Gigi and Yolanda Hadid, Irina Shayk, Amber Valletta, Lindsay Lohan, Selma Blair, and other models and Hollywood celebs responding favorably to the post.
With its $2.12 billion purchase of Versace earlier this week, Michael Kors pitched its bid to be recognized as a luxury-brand conglomerate along the likes of Givenchy/Dior/Bulgari owner LVMH, and Kering, which has the Gucci, Saint Laurent, and Balenciaga brands to its name. But despite a number of market forecasts predicting an eventual spike in the value of Kors, which will soon adopt the name Capri Holdings, the Wall Street Journal and various other publications reported an 8 percent dip in its share price in the hours that followed news of the acquisition.
For Donatella, though, the move to sell is one she has said she believes to be “essential to Versace’s long-term success.” John Idol, the chairman and CEO of Michael Kors/Capri Holdings, couldn’t agree more, with Reuters quoting him as saying that in spite of the company’s reputation and visibility in the world of high-fashion, Versace has for too long survived on a business model that was “terribly under-developed.”
“That is going to change with the resources of Capri behind them,” Idol predicts.