"The sale of Versace to Prada this week in a $1.4bn deal marked a new chapter for two storied Italian fashion houses. It also left Versace's former parent company, Capri Holdings, with an even greater focus on Michael Kors, the 44-year-old brand know as America's Armani that made up about 70% of sales in its last financial year."
"When fashion people hear wearable', they think it's such a dirty word. And God forbid anyone says commercial'. To them, it's the worst thing in the world. Kors doesn't just sell clothing but a glamorous aspirational lifestyle that he and his brand embody. His designs have been worn by everyone from first ladies to Gwyneth Paltrow and Megan Thee Stallion."
"But while his Instagram feed is peppered with A-lister dinner parties, summers sailing around the Saronic islands and glossy catwalk shots, it's the brand's more mainstream off-shoot MICHAEL Michael Kors that is its economic moat. Stroll down any high street and you'll spot the shiny MK logo swinging from bags slung over the shoulders of finance graduates or hanging from the elbows of women who wanted a designer bag for less than four figures."
The Versace sale to Prada for $1.4bn shifted Capri Holdings' strategic emphasis toward Michael Kors. Michael Kors accounted for roughly 70% of Capri's sales and functions as the group's economic core. The brand faces industry debate as fashion increasingly emphasizes entertainment and spectacle over customer needs. Terms like 'wearable' and 'commercial' are treated negatively within fashion culture. The Michael Kors label projects a glamorous, aspirational lifestyle worn by high-profile figures while the diffusion line MICHAEL Michael Kors secures broad high-street visibility and accessibility. Kors remains among a few heritage designers still designing at his American namesake brand and carries strong public recognition.
Read at www.theguardian.com
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