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Huge Backlash Over Michael Kors Buying Versace In 2.1 Billion Dollar Deal

 

 

Versace Fans Smear Michael Kors and “the tackiest man alive”.

“Cheap fabric for soccer moms.” “Duty-free cheap (expletive) you buy at the airport.” “A brand about to go from high-end luxury to TJ Maxx & Walmart.”

Versace fans used all kinds of colorful comparisons to criticize the sale of the Iconic Italian fashion brand sale to Michael Kors, taking to social media to mourn what they saw as the brand’s sullied legacy.

Following rumors on Monday, the sale of the Gianni Versace fashion house to Michael Kors Holdings Ltd. was confirmed on Tuesday, in a deal worth more than $2 billion.

Versace acolytes responded on social media with all the drama one would expect, invoking the name of the Gianni Versace to condemn the sale.

“Gianni Versace didn’t die for his ICONIC brand to be sold to some cheap & tacky designer who is the epitome of locals knowledge on designer brands & who’s bags you can’t even tell the difference between the fakes they sell in Turkey,” read one viral response. “This is the end of Versace. I’m so disappointed.”

Some truth-tellers on social media were quick to point out the differences between Kors’ luxury and lower-priced lines.

“Michael Kors isn’t cheap, actually Michael Kors has marketing smarts,” read one rebuttal. “The “cheap” stuff you see is the less expensive collection & he also has a high-end line. So while you can get a MK purse for $400, there is also one for $4000. That’s why he owns Versace!”

That didn’t stop other Versace fans from calling Michael Kors the “tackiest man alive.”

On the other hand there are some feelings that myself and others have expressed to me. @thetatteredveil expressed, “Versace is frankly resting far too easy on its laurels, comfortably releasing the required sets and seasons to retain its haute couture maison label.  If any upcoming designer or house tried to the (expletive) that Versace pulls these days, they’d be lambasted for their laziness.  It isn’t even profit over art, it’s simply boring. Bland and tiresome.  No one would think twice about their recent years if they weren’t holding us at collective knife point because they’re still technically couture.”

In the mean time, Michael Kors is a reckless up-and-coming who is making his breakthroughs where he can.  He has a few good things under his belt, but this is definitely a risky move that I can see being his downfall within a very near future.  In an industry that eats people alive out of a necessity for new, I worry for Kors solely because two houses are nothing to sneeze at.  He’s definitely not a Wolf in Cashmere, but I’ve been wrong before.

All in all, I won’t wait with bated breath, but I definitely will give them the benefit of the doubt at first.  Perhaps Kors is what is needed. Or perhaps Versace will fall to pieces like it deserves.

Founded by Gianni Versace in 1978, the company has been run by his heirs since his murder 21 years ago. The Versace family still controls 80 percent of the company and the investment firm Blackstone owns the remaining 20 percent, with Gianni’s sister Donatella Versace helming the brand, recently presenting her latest collection during Milan Fashion Week.

“This is a very exciting moment for Versace,” she said about the sale. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential.”

 

Picutre Credit AP/GettyImages, AP

I'm a fashion lover thru and thru. But for me it's all about details, details, details.

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