In a move that sadly surprised no one, the end of Milan fashion week brought with it the news that Versace as we have always known it is no more owing to the fact that it was acquired by Micheal Kors for $2.1 billion.
The move sparked public outcry with many erstwhile fashionistas reportedly reaching out to Donatella herself via Instagram to tell her to reconsider but the Versaces have stood firm in their decision with Donatella saying that is just a new chapter in the Versace history book that she is going to be very much part of. So why the horror at the acquisition?
Launched in Bergdorf Goodman in 1981, the Michael Kors label has gone from strength to strength with even the short-forced break due to licensing woes the designer had to take from the line between 1993 and 1997 not slowing him down. Not only did he win the 1999 Council of Fashion Designers of America award (CFDA) for womenswear designer of the year and the 2003 CFDA award for menswear designer of the year but, in 2010, he was also the youngest recipient of the Geoffrey Beene Lifetime Achievement Award.
The reality is that far from what people are making things out to be, Versace has been suffering for a long time
Indeed, the problem with Kors does not seem to be his lack of talent but rather the way he chooses to use it. He has been accused several times of copying bags by Chanel and Louis Vuitton among others and churning out low-quality pieces to feed the monster that has become his over-exposed brand.
Much like Burberry a few years ago before they took matters in hand and started closing outlets, the Kors luxury brand status suffered greatly the more shops and boutiques were opened. Something can hardly be deemed luxurious if everyone and their mother has it and there is the inevitable fear that Versace will go the same way.
The reality is that far from what people are making things out to be, Versace has been suffering for a long time. Donatella has tried her best to keep things going but the harsh reality is that despite her many efforts, the house has been recycling the same looks her brother pioneered 20 years ago and the only reason why it doesn’t look tired at the moment is because we are in the throes of an 1980s/1990s fashion revival. The quality has also gone down considerably with the diffusion lines looking like something you could pick up from a rather gaudy market stall. Maybe this change will give both houses the opportunity to go back to the drawing board and revamp their respective brands with some much-needed creativity and rejuvenation: one can only hope.