Outrage over Michael Kors and Vesace Strikes Headlines

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Outrage over Michael Kors and Vesace Strikes Headlines

Kimani Jackson, Staff Writer

Michael Kors officially made history when the company announced their partnership with Italian brand Versace on Tuesday September 25. The controversial deal was designed to not only create more revenue for both companies but also to challenge the meaning of luxury within the market. Many devoted followers to Versace are creating major backlash stating that the new business collaboration could potentially deter people from purchasing the merchandise. A furious buyer posted on the Versace’s Instagram saying “They aren’t looking to build anything, they are going to destroy the brand!” Not only are consumers worried, it also translated over to the investors which extended their digressions over the deal saying that they aren’t impressed by the revolution made by Michael Kors; this transgression within their investors caused sale stocks to drop down 8 percent within the last few days of its announcement.

Although the two companies are facing backlash with the up and coming deal, the founder of Versace, Donatella Versace, comments that the partnership will not only set a milestone inside the fashion industry but also gather a larger market from North American and Asian Countries; Donatella stated “We believe that being part of this group is essential to Versace’s long-term success, it will be a revolution and a milestone for both Versace and Michael Kors.” The controversy about the two corporations is debating whether or not Versace will lose its status of being an independent company or if the value of the accessories will decrease within the coming years.

The deal between the two corporations will be finalized by the end of 2018.

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