“The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage,” said John D. Idol, chairman and CEO of Michael Kors.
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The company plans to grow the Versace brand to over $2 billion in revenues and increase the global retail footprint to 200 or 300 stores, along with increase e-commerce.
Michael Kors handbags, while considered luxury, generally cost less than $500 as opposed to Versace’s starting cost of $1500.
There is a Michael Kors Outlet in Monroe, along with stores in Cincinnati and Columbus. The bags are also sold at high-end department stores like Macy’s and Dilliards.
Some Versace products, but not bags, are sold at Macy’s.
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