LONDON: US fashion group Michael Kors Holdings Ltd. has agreed to take control of Italy’s Versace in a deal that could value the company at $2 billion, sources familiar with the matter said on Monday.
The deal comes as budding luxury conglomerates, including Michael Kors’ US rival Tapestry, owner of Coach and Kate Spade, are trying to make in-roads into an industry still dominated by major European players, including Louis Vuitton owner LVMH.
Michael Kors, whose namesake label is best known for its leather handbags, has made no secret of its ambition to grow its portfolio of high-end brands after swooping on British stiletto-heel maker Jimmy Choo for $1.2 billion last year.
Versace is one of a clutch of family-owned, independent Italian brands that have regularly been cited as attractive targets at a time when the luxury industry is riding high on strong demand from Chinese consumers.
But not all brands have benefited equally, with some struggling to refresh their image or products to capture a younger audience, and some fashion groups are looking to diversify with more labels to face such challenges.
The deal gives Michael Kors a mega-brand and red carpet favorite that is among the most recognizable and followed fashion labels in the world. Two of the three sources who spoke to Reuters said the company had agreed to pay a large premium for Versace, known for its Medusa head logo.
Michael Kors could not immediately be reached for comment. Versace declined to comment.
Donatella Versace, sister of late founder Gianni who doubles as artistic director and vice president of the Milan-based group, has called a staff meeting for Tuesday, according to a person who was briefed by a company employee.
The Italian fashion icon has been considering a market listing after US private equity group Blackstone bought a 20 percent stake back in 2014 to fund overseas expansion, although Chief Executive Jonathan Akeroyd told Reuters earlier this year there was no rush for a market debut.
After investing in Versace at a high multiple, Blackstone found the fashion group’s performance disappointing and not sufficient to justify a market listing, said one of the sources, who is close to the family.
“They gradually persuaded the family to look into a possible sale and introduced them to a series of buyers, including Michael Kors,” the person added.
“Blackstone wasn’t going to put any more money into it. They needed a buyer who could make heavy investments.”
“OVERPRICED“
French fashion houses including Paris-based Kering were among those holding talks with the Versace family, the sources said, but considered the price too expensive.
“They didn’t feel the need to invest so much money into another Italian fashion brand. It was overpriced,” the source said.
Kering declined to comment.
As part of the deal, Blackstone will fully exit the Italian company, while the Versace family, which owns the rest of the fashion house, will keep a role, the sources said.
Blackstone declined to comment.
An official announcement is expected this week, the sources said.
Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show the Milan-based group last year posted sales of 668 million euros ($786 million) and earnings before interest, tax, depreciation and appreciation (EBITDA) of 44.6 million euros.
The group last year returned to a net profit of just under 15 million euros compared with a net loss of 7.9 million euros the previous year. ($1 = 0.8499 euros)
Michael Kors snaps up Italy’s Versace — sources
Michael Kors snaps up Italy’s Versace — sources
- Donatella Versace called staff meeting for Tuesday - source
- Family to retain a role, Blackstone will fully exit - sources
Romanian Jordanian designer Amina Muaddi teases new collection
DUBAI: Romanian Jordanian designer Amina Muaddi teased her new collection, titled “High Summer,” on social media this week.
The celebrity-loved designer will release her new drop worldwide at 3 p.m. Central European Time on Tuesday.
Muaddi shared a teaser with her 1.3 million followers featuring a model opening a cream-colored clutch, revealing a mirror on the inside of the bag.
In addition to her collection of shoes, Muaddi’s jewelry and bag lines are also gaining acclaim among her celebrity clientele. The shoemaker’s label has garnered a loyal list of famous fans, including Dua Lipa, Gigi Hadid, Kylie Jenner and Hailey Bieber Baldwin.
Muaddi launched her eponymous footwear line in August 2018, about one year after departing from her role as co-founder and creative director of luxury footwear label Oscar Tiye.
The creator also helped design the shoes for Rihanna’s Fenty collection. The collaboration received the Collaborator of the Year award at the 34th edition of the FN Achievement Awards in 2020.
A year later, she landed a spot on Women’s Wear Daily and Footwear News’ 50 Most Powerful Women list.
Her jewelry collection encompasses rings, earrings and bangles.
The rings boast spiral-shaped designs, bombe rings with a crystal centrepieces available in both silver and gold, and a silver band adorned with crystals.
In the earring selection, versatility reigns supreme. Alongside simple rectangle and circular hoops embellished with crystals, she offers intricate multi-ring hoop designs.
The designer’s handbag range includes a variety of styles, from sleek clutches with striking embellishments to bold totes and crossbody bags.
Some of the bags are embellished with sparkling crystals or intricate sequins, while others are made from satin or leather and feature metallic finishes. The color palette includes classic cream, brown, black, red and silver.
Muaddi previously spoke to Footwear News about her rise of one of the most in-demand footwear designers in the industry.
“I was so passionate, so I was willing to go through any hardship,” she told the publication. “There’s a reason why only so many people get to this point, because you get tested a lot.
“Many times, I was close to giving up. I had to part ways with my partner, with producers; I’ve had (orders) cancelled. It’s not about what you go through, it’s how you survive the situation and how you thrive after it. It’s a never-ending lesson,” she added.
REVIEW: ‘Returnal’ — a thoughtful and challenging sci-fi adventure
LONDON: Right from the start, before you even take control of Selene Vassos, a reconnaissance scout who has crash landed on a prohibited and mysterious planet, you are warned that “Returnal” (available originally for PS5 but now PC too) is “intended to be a challenging experience.” Such difficulty may deter the casual gamer used to a steady progression of character and exploration through a games environment. However, “Returnal” is a thoughtful and rewarding adventure that lays claim to much originality of thought in its set up. The key theme is that when you die, you return! But not to the same environment that you were in before. Instead, each new cycle postures new challenges and progress can only be made by unlocking upgrades that allow you to make more meta progress in Selene’s journey.
Selene herself is a super professional, unfazed character who doesn’t appear too bothered when she comes across a body of her former self that died in this strange world where the laws of physics and time appear not to apply. Staying alive is obviously crucial, particularly as it allows her to retain better weapons for longer. In addition, avoiding damage allows for boosts of agility, vision and more, making for a more lethal Selene. The environment is varied and surprising with each incarnation and the weapons on offer come complete with a range of exciting alternative fire mechanisms such as homing missiles or laser-like items. A hostile environment where even plants are a threat to life is mitigated by your technology, the core of which you can improve despite the reset of deaths, through fancy smart “xeno-tech” that becomes integrated with alien kit left around.
There is a paradox in “Returnal” described by Selene herself that she is trapped in an environment that is “always the same, always changing,” which literally makes no sense. Players have to be patient in the early chapters getting used to the sapping dynamic of death and return. Once that makes more sense, the loneliness of both her alien environment and the impossibility of even dying to escape it make for a pretty special atmosphere that a smart shooting engine then complements.
Simi, Haze Khadra share entrepreneurial insights at Harvard
DUBAI: US Palestinian beauty moguls Simi and Haze Khadra took to the stage at the Arab Conference at Harvard in the US to share insights into their business, SimiHaze Beauty.
The twins — who are often spotted alongside the likes of Kylie and Kendall Jenner as well as Canadian musician The Weeknd — spoke at the conference that ran from April 19-21.
“Thank you for having us as speakers at Harvard’s ACH24, discussing our unwavering values in our lives and business which has not only brought us more purpose, but also more success. We also discuss the next frontier of the beauty business as founders (of) @simihazebeauty,” the pair shared on Instagram.
The brand is set to be available in the GCC via French multinational retailer Sephora starting from May 2024, with the sisters scheduled to jet to Dubai for a launch event on May 2.
The twins launched their US-born cosmetics brand in 2021 with a range of stick-on makeup designs that can be placed on the face for a bold beauty look achievable within seconds. The sticker book features an array of edgy designs inspired by their favorite DJ looks from the past, such as chrome wings, neon negative space eyeliner and holographic cat-eyes.
SimiHaze Beauty has expanded to include a range of products, including lipsticks, bronzing powders, a lifting mascara and more.
The beauty entrepreneurs and DJs, who grew up between Riyadh, Dubai and London, are known for their contemporary beauty looks and are often spotted in public with futuristic makeup, something they have managed to encapsulate in their brand.
Earlier this month, the sisters celebrated their birthday with a call for donations to Gaza.
“Thank you for all the sweet birthday messages. Feeling all the love and radiating it all back to you. All we want for our (birthday) is for you to help us build a NICU for the babies in Rafah,” the sisters posted.
“Many premature babies in Gaza are in dire need of help as a result of the ongoing blockade by Israel. Newborns share incubators as supplies run low at the few swamped remaining hospitals that have not been attacked. @heal.palestine is actively working on building a new NICU in Rafah while supporting the only other existing NICU at the Emirati Hospital by providing medication and all the other supplies to help give premature babies the care they need,” the sisters posted on Instagram earlier this week, referring to US-based nonprofit organization Heal Palestine.
The pair have been vocal about the conflict in Gaza, posting frequently on their social media platforms as well as hosting video discussions on YouTube on various aspects of Israeli-Palestinian politics.
Artist Abdullah Al-Saadi represents the UAE at Venice Biennale
VENICE: Emirati conceptual artist Abdullah Al-Saadi is representing the UAE at the 60th Venice Biennale, curated this year by Adriano Pedrosa under the theme of “Foreigners Everywhere. Stranieri Ovunque.” The pavilion’s exhibition, which opened on April 20 and runs until Nov. 24, was curated by Tarek Abou El-Fetouh.
Al-Saadi has played a pivotal role in the development of the UAE’s evolving art scene — his multidisciplinary practice includes the mediums of painting, drawing, sculpture, performance and photography, as well as collecting and cataloguing found objects and the creation of new alphabets.
“Since I was a student, four decades ago, art has been an integral part of my daily life,” Al-Saadi said in a statement. “My art is the result of interactions with places, people, ideas, and aesthetics that I encounter every day where I live and in my journeys. I find myself driven to document these experiences visually or in written diaries and contemplations, seeking to transfigure the ordinary with the passage of time.”
“I am representing myself in Venice as an artist foremost and then as a local Emirati artist,” Al-Saadi told Arab News. “This pavilion will showcase my artistic journey over a long period of time since after university through eight works, two of which are new commissions,” he said of the ongoing show titled “Abdullah Al-Saadi: Sites of Memory, Sites of Amnesia.”
One of the artistic journeys he made that will serve as a new artwork took place amid the Arabian landscape.
“I spent seven days in the valley studying the tea, the coffee, and bread,” Al-Saadi explained to Arab News. “Then after one week I rode my bicycle, and I went to the mountains. During that time, I was reading a book on the Silk Road and trying to imagine how it was to travel on the Silk Road and I compared my way of traveling with how it was to travel on the Silk Road long ago.”
“Abdullah’s work is comprised of multiple aspects, from his diaries to sketches, to landscapes, scrolls and other objects that he creates,” Laila Binbrek, Director of the National Pavillion UAE, explained to Arab News. “They all stem from his diary — a diary he has been keeping for the last 40 years. Every day he writes in his diary.”
Christie’s Art of the Islamic and Indian Worlds auction highlights rare finds in London
LONDON: Christie’s Art of the Islamic and Indian Worlds spring sale will see 261 lots —including paintings, ceramics, metal work, works on paper, textiles, rugs and carpets — go under the hammer at a live auction at their London headquarters on April 25.
Arab News was given an exclusive viewing of some of the works prior to their public pre-sale showing from April 21-24.
Sara Plumbly, Christie’s Head of Department for Islamic and Indian Art, gave her expert insights into some selected pieces.
These included lot 45, an exquisite miniature octagonal Qur’an, dated AH 985/1577-8 AD, which was made in Madinah, the Qur’an has an estimate of $13,000-19,000.
“We very rarely see manuscripts that were copied in the holy cities. So this being copied in Madinah makes it very rare,” she explained.
“It has a Naskh script. This a very steady, cursive script which is relatively easy to read — unlike some of the others. For example, Nastaliq script, which is copied on the diagonal, is much trickier to read. For Qur’ans you would almost always see a Naskh script for ease of reading. Nastaliq is usually reserved for poetic manuscripts,” she said.
This miniature Qur’an would be small enough to carry with the owner on a daily basis, usually around the neck. Alternatively, they would be hung in their silver boxes on an ‘alam (standard or flag) and carried into battle.
Plumbly, who completed her master’s degree in Islamic Art and Archaeology at the University of Oxford, has lived and travelled extensively across the Middle East and North Africa, including extended periods in Egypt, Syria, Lebanon, Saudi Arabia and Sudan.
Another stunning item in the sale is a Watercolor Album depicting a selection of known prestigious and rare Iznik ceramics from the Louis Huth collection. It comprises 44 single and double-page watercolor paintings of Iznik bowls, flasks, ewers and dishes.
It was also fascinating to see a rare and complete illustrated manuscript copy of the Khamsa of Nizami by 12th century Persian poet Nizami Ganjavi, together with the Khamsa of Amir Khusraw Dihlavi, a 13th century Persian Sufi singer, musician, poet and scholar. The colors in the illuminations leap off the pages as though created yesterday.
Plumbly also pointed out the exceptional workmanship of an early 13th century Kashan pottery bowl, excavated in Iran’s Kashan in 1934.
“This type of Kashan ceramics have a wonderful luster. It’s a very difficult technique to perfect. This bowl has a really beautiful dark gold color which is very well controlled. The condition is remarkable. It’s one of those ‘best of type’ objects,” Plumbly observed.
