Fashion fans are voicing their concerns about the future of Versace after rumours that the brand is on the cusp of announcing a deal with Michael Kors.
On Monday, it was reported that US fashion group Michael Kors has agreed to buy the fashion house Versace for roughly $2 billion.
Currently, the Versace family owns 80 per cent of the Italian luxury group, which was founded by Gianni Versace 40 years ago.
The other 20 per cent is owned by private equity group Blackstone, which bought its stake in the firm in 2014, and planned to list it on the stock market.
However, Blackstone is reported to have found the investment disappointing, and has since abandoned its plans for a float.
Although the sale is yet to be confirmed, fans are already rebelling against the rumoured deal on social media, many of whom are concerned that Kors may cheapen the Versace brand.
“Don’t let MKors buy any % of Versace. He will ruin it. He will kill it,” one person writes.
A third person adds: “Worst-case scenario about this: Versace is being sold at Marshall’s for discount prices just like Michael Kors pieces.”
Others on social media argue that the deal will disrespect the brand’s founder, who died in 1997.
“You sell off your heritage and Gianni’s memory for decadent money. I really hope you don’t, but if it’s so, I will never buy from you anymore,” one person writes.
“Once I heard that I was like this is like losing Gianni Versace all over again #versaceisdeadagain,” reads another comment.
According to reports, an official announcement regarding the sale is expected this week.
This isn’t the first time that Michael Kors has bought out another fashion brand.
Last year, the company acquired shoe designer Jimmy Choo in a £900m takeover. Ahead of the deal, Michael Kors had been struggling with declining sales.
Michael Kors, honorary chairman and chief creative officer, said when the bid was announced: “Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories.
“We admire the glamorous style and trend-setting nature of Jimmy Choo designs.”