MILAN: US fashion group Michael Kors has agreed to buy Versace in a deal valuing the revered designer at $2 billion including debt, the companies said on Tuesday, making it the latest Italian brand to fall into foreign hands.
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 buying British stiletto-heel maker Jimmy Choo for $1.2 billion last year.
Versace, known for its bold and glamorous designs and its Medusa head logo, was one of a clutch of family-owned Italian brands cited as attractive targets at a time when the luxury industry is riding high on strong demand from China.
“We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth,” John Idol, chairman and CEO of Michael Kors said.
As part of the deal, Michael Kors agreed to buy all of Versace’s outstanding shares for a total enterprise value of €1.83 billion ($2.2 billion), to be funded in cash, debt and shares in Michael Kors Holding Ltd, which will be renamed Capri Holdings Ltd.
US private equity firm Blackstone, which bought 20 percent of Versace back in 2014, will fully exit its investment.
The Versace family, which currently owns 80 percent of the fashion house via a holding company called Givi, will receive €150 million of the purchase price in Capri shares.
“We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger,” said Donatella Versace, sister of the company’s late founder, and artistic director and vice president of the Milan-based group.
After the deal, Versace CEO Jonathan Akeroyd will remain at the helm of the company, while Donatella Versace will “continue to lead the company’s creative vision,” Idol added.
The deal is expected to close in the fourth fiscal quarter, subject to regulatory approvals.
Michael Kors said it plans to grow Versace’s global sales to $2 billion globally, boost its retail footprint to 300 stores from around 200 at present and accelerate its e-commerce strategy. It also plans to raise the share of higher-margin accessories and footwear to 60 percent of sales from 35 percent.
Versace does not disclose its financial details, but documents deposited with the Italian chamber of commerce show that last year it posted sales of €668 million and earnings before interest, tax, depreciation and appreciation of €45 million.
Michael Kors agrees to buy Versace for €1.83 billion
Michael Kors agrees to buy Versace for €1.83 billion
Malak Mattar aims to raise Gaza awareness with Venice exhibition
- The Palestinian artist hopes her show in Venice, coinciding with the biennale, will further raise awareness of the horrors being perpetrated in Gaza
DUBAI: In the art world this week, all eyes will be on Venice. The Italian city will inaugurate the 60th edition of its namesake biennale, arguably the world’s most prestigious art event, on Apr. 20. Coinciding with the biennale is the opening of an intimate exhibition by the Palestinian painter Malak Mattar, who hopes to shed light on the atrocities unfolding in her native city of Gaza on an international stage.
Mattar’s parents and two younger siblings were recently safely evacuated from Gaza to Egypt. “A burden has been lifted but I still have family members there,” she tells Arab News from Alexandria, where she has been reunited with her family. “The past six months have been a nightmare, to be honest. The situation has been going on for this long because people have become numb and desensitized.”
This won’t be the first time that 24-year-old Mattar has shown her work in Italy, but her exhibition at Venice’s Ferruzzi Gallery during the biennale opening is a significant milestone in her career, which is going from strength to strength.
“This might be the most important exhibition that I’ve ever done in my life,” she says. It all began with a chance encounter at her previous exhibition in London.
Dyala Nusseibeh, director of Abu Dhabi Art, and a prominent figure in the regional art scene, was in attendance and later approached the young artist with a proposal of setting up an exhibition in Venice. “I told her, ‘Of course, let’s do it.’ I was so happy,” she recalls. “I’m grateful to Dyala for making this happen in a short period of time.”
Her exhibition, which runs until June 14, is called “The Horse Fell off the Poem.” It features one large-scale painting and seven smaller charcoal drawings, showing harrowing images of victims. The show’s title is based on one of the late Palestinian poet and resistance writer Mahmoud Darwish’s works.
“(Darwish) is part of our individual and collective identity,” says Mattar. “We grew up with his poems, his voice and his story. He was so close to us, like a family member. I still remember his death (in 2008) and it was really hard. His poems are timeless and you can always relate to them, especially now.”
Previously called “Last Breath”, the large-scale painting has been retitled “No Words.” The black-and-white image depicts hellish and disturbing scenes of loss, chaos, deterioration and death. Mattar doesn’t hold back.
“The horse has a symbolism and a place in the current time of war,” Mattar previously told Arab News. “Its role has changed from carrying fruits and vegetables to being an ambulance. There’s a strength and hardness to a horse, which is how I also see Gaza; I don’t see it as a weak place. In my memory, I think of it as a place that loves life. It always gets back on its feet after every war.”
She is aware that her works could stir controversy. That tends to be the case at the biennale, which is renowned for addressing socio-political issues. This year’s theme is “Foreigners Everywhere.”
“Any reaction is good, whether negative or positive,” Mattar says. “If the work doesn’t elicit any reaction, then the work is not effective.”
Mattar believes that her works are being shown at a time when freedom of expression about Palestine is limited. This has affected the art world too. In recent months, a US university exhibition of works by the veteran Palestinian artist Samia Halaby was cancelled, the auction house Christie’s withdrew a couple of paintings by Lebanese painter Ayman Baalbaki from a sale (one of them depicted a man in a red and white keffiyeh), and there were calls from the general public to cancel the Israeli national pavilion at the Venice Biennale.
“The art world is so black and white,” says Mattar. “There is no freedom to express yourself. There are always restraints. So, for “No Words” to be (shown in the same place and at the same time) of the biennale is important. The genocide is still happening. It’s not ending. (These works) are not a reflection of a time that already happened — it’s happening at the moment. The best time to show them is now.”
Kesha champions Lebanese eyewear brand By Karen Wazen
DUBAI: US singer and songwriter Kesha was spotted this week wearing black sunglasses from Lebanese eyewear label By Karen Wazen.
Kesha sported the Blaze shades, which boast a cat-eye shape with flat lenses at the bottom. The side temples are notably thick, adorned with the brand’s golden logo.
Kesha shared a brief video on her social media platform, playfully lip-syncing to her hit song "Your Love Is My Drug” while enjoying her time at Coachella, the renowned annual music festival held in California. She took a helicopter ride, dressed in a chic grey printed T-shirt and black jeans.
Karen Wazen, the founder of the Dubai-based brand, shared Kesha’s clip on her stories with her 8.2 million followers. In a tribute to the moment, she recorded herself lip-syncing to another verse from the music sensation’s song, donning the Blaze shades in brown.
Wazen launched her debut collection of eyewear in December 2018. The first line of five styles came in acetate and stainless steel and in an array of colors, from neon to tortoiseshell.
Less than a year after the official launch of her brand, her designs were picked up by major e-tailer Farfetch, which became the first online platform to offer her eponymous eyewear collection.
With an array of stylish shades to its name, Wazen’s label has gained the nod of approval from international celebrities including superstar Beyonce, British-Albanian singer Dua Lipa, reality television star Kourtney Kardashian and her mother Kris Jenner, French model Cindy Bruna, singer Becky G, actresses Lucy Hale, Emma Stone, and Naomi Watts, and socialite Paris Hilton, to name a few.
In February, the entrepreneur broadened her brand’s horizons by unveiling her inaugural jewelry collection. She introduced earrings and bangles fashioned after her brand’s logo, featuring a zigzag-like infinity sign, available in both silver and gold.
Wazen is one of the most influential figures in the region.
In addition to being a business owner, the mother-of-three has also starred in plenty of regional advertorials for prestigious brands, including Prada, Ralph Lauren, Louis Vuitton and Cartier.
In 2020, the social media influencer was also named a high-profile supporter of UNHCR.
Eiza Gonzalez stuns at premiere of Saudi-backed film ‘The Ministry of Ungentlemanly Warfare’
DUBAI: Mexican actress and singer Eiza Gonzalez this week turned heads at the premiere of the Saudi-backed action movie “The Ministry of Ungentlemanly Warfare” in New York City.
The star dazzled in a metallic gold strapless gown by New York-based label Jason Wu. The dress boasted intricate three-dimensional designs accentuating the waist and chest.
Complementing the ensemble, she showed off matching gold heels from Maison Ernest and Cartier jewelry. Her brunette bob was styled in a voluminous blowout.
She posed on the red carpet alongside her co-stars Henry Cavill, Henry Golding, Hero Fiennes Tiffin, Cary Elwes, Babs Olusanmokun, Henrique Zaga and producer Jerry Bruckheimer.
The premiere was attended by Mohammed Al-Turki, film producer and CEO of Saudi Arabia’s Red Sea Film Foundation.
The Saudi foundation, which backed the movie, took to Instagram to share pictures of the premiere captioning the post: “Live from New York, the premiere for ‘The Ministry of Ungentlemanly Warfare,’ Red Sea Film Foundation is proud to have supported through its Red Sea International Film Financing initiative.”
Based on recently declassified files of the British War Department and inspired by true events, the movie is an action-comedy that tells the story of the first-ever special forces organization formed during WWII by UK Prime Minister Winston Churchill and a small group of military officials, including James Bond author Ian Fleming.
The top-secret combat unit, composed of a motley crew of rogues and mavericks, goes on a daring mission against the Nazis using entirely unconventional and utterly “ungentlemanly” fighting techniques. Ultimately, their audacious approach changed the course of the war and laid the foundation for the British SAS and modern Black Ops warfare.
The film is directed and co-written for the screen by Guy Ritchie (“Sherlock Holmes,” “The Gentlemen” and “Wrath of Man”) and produced by Jerry Bruckheimer (“Top Gun: Maverick,” “Pirates of the Caribbean” and “National Treasure”).
“The Ministry of Ungentlemanly Warfare” will be released in cinemas in the Middle East on April 18 and internationally on April 19.
Jessica Chastain flaunts Elie Saab look at Breakthrough awards in Los Angeles
DUBAI: US actress and producer Jessica Chastain sparkled in a purple jumpsuit by Lebanese designer Elie Saab at the Annual Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles.
Chastain — who has previously championed looks by Lebanon’s Zuhair Murad, among other Arab designers — hit the red carpet in the sequined number that boasted a plunging neckline and bootleg-style pants. Celebrity stylist Elizabeth Stewart finished off Chastain’s look with a statement necklace by Damiani jewelry.
French Canadian scientist Michel Sadelain was awarded an "Oscars of Science" for his research into genetically modifying immune cells to fight cancer at the event, AFP reported.
The genetic engineer was awarded the Breakthrough Prize at a glitzy ceremony attended by tech giants such as Elon Musk and Bill Gates, and an array of celebrities including Chastain, Robert Downey Jr. and Bradley Cooper.
His work has led to the development of a new form of therapy called CAR-T that has shown exceptional efficacy against certain blood cancers.
"This prize is an extraordinary recognition," Sadelain told AFP on the red carpet at the Oscars Museum. "It's all the more of an honor because ... my scientific colleagues told me for a long time that it would never work.
"The greatest pleasure, however, is to see patients... who no longer had a chance and who thank us, who are alive today thanks to CAR-T cells," added Sadelain.
Launched in 2010, the Breakthrough Prize awards "the world's most brilliant minds" in fields including life sciences, fundamental physics and mathematics, styling itself as the Silicon Valley-backed answer to the Nobels.
Dubbed the "Oscars for Science", founding sponsors include Sergey Brin, Priscilla Chan and Mark Zuckerberg.
Sadelain will split the $3 million prize money with American immunologist Carl June, who also led groundbreaking research into the field independently of his co-winner.
Sadelain studied medicine in Paris, then immunology in Canada, before taking up postdoctoral research at the Massachusetts Institute of Technology in 1989.
Other celebrity guests at the event includes actresses Zoe Saldana and Margot Robbie, director Olivia Wilde and Oscar-winner Michelle Yeoh, among others.
Saudi fashion graduate who dared to dream
- Manal Marvelous’ tips for aspiring designers have turned her into social media star
RIYADH: Saudi fashion and lifestyle content creator Manal Marvelous discovered her love of design and sewing while at university and soon began sharing her work on social media.
“My passion for fashion was a coincidence; actually, I had to take one semester of fashion classes in college because of some weird situation I got myself into and I was supposed to transfer after the semester ended, but I fell in love and never looked back,“ Marvelous told Arab News.
“I love out-of-the box and creative ideas I can share with my audience, which consist of girls around my age with similar interests who either love fashion or got inspired to start their journey after watching my content,” she said.
She loves to share how she develops and sews her creations, and her TikTok has 3 million views and 700,000 followers.
HIGHLIGHTS
• Marvelous took part in the Sony Creators Convention, where she showcased her work on models, and offered advice to aspiring content creators about the business, how to succeed, and how to make their passions their careers.
• Marvelous believes that with an abundance of talented and creative Saudi designers, as well as the diversity of Saudi fashion and traditional costume, the KSA scene needs more useful fashion events.
• Aside from TikTok, Marvelous supports up-and-coming fashion designers on her YouTube channel, paving a path for them to enter the industry.
• She said that constructive criticism is always appreciated, and that she tries to hear what people have to say to improve her material, gain insight into her audience, and receive feedback.
“It felt like magic to me how can you transform a piece of fabric into art just by cutting here and stitching there,” she said.
Marvelous took part in the Sony Creators Convention, where she showcased her work on models, and offered advice to aspiring content creators about the business, how to succeed, and how to make their passions their careers.
“My work as a fashion and lifestyle creator takes me around the Kingdom to collaborate with global and local brands ranging from clothing to skincare to makeup,” she said.
Aside from TikTok, Marvelous supports up-and-coming fashion designers on her YouTube channel, paving a path for them to enter the industry.
“In my YouTube channel, I share my love of sewing, but with a twist. From sewing pants out of bandannas and a corset with plastic, to recycling my old jeans into a denim jacket,” she said.
Marvelous had the backing of friends and family from the start, and they were her supporters.
She did, however, mention how some elements of social media, like cyberbullying, were deterring her from sharing and how she overcame it.
“Bullying on social media has become the norm lately. What I do and what I recommend everyone do is ignore the comment, especially when it’s obvious that the person is just trying to hurt you.”
She said that constructive criticism is always appreciated, and that she tries to hear what people have to say to improve her material, gain insight into her audience, and receive feedback.
“But people who just want to put you down and make you feel bad should be muted,” she added.
Marvelous believes that with an abundance of talented and creative Saudi designers, as well as the diversity of Saudi fashion and traditional costume, the KSA scene needs more useful fashion events.
“Saudi Arabia has some of the most talented and creative designers in the field, and their work should be appreciated and celebrated nationally and internationally. Having more shows in the Kingdom could be beneficial not only to the designers but to the country as well.”
Marvelous said that the Fashion Commission has been a significant asset to the sector for many years, planning events and providing support for emerging designers through programs such as 100 Brands.
“I advise upcoming designers to never stop dreaming big; this is our time to shine and create the unexpected. There’s space for everyone.”
Marvelous offers three tips for aspiring fashion content creators seeking to be authentic: “Don’t try to copy other creators; it’s good to follow trends, but only when it suits your content and your personality. Consistency is key. Pick the schedule that suits you and make sure to stick to it.”
