ZEENAT MOORAD: The lure of Medusa
While some luxury brands like Gucci and Dior are riding high on strong demand from China, others have been struggling to capture younger spend
Versace is not for everyone. The Italian fashion label with its Medusa-head logo and bold-bordering-on-outlandish designs is for someone, though. Liz Hurley, for example. The black Versace dress (often referred to as "that dress") she wore while accompanying actor Hugh Grant to the premiere of Four Weddings and a Funeral in 1994 catapulted the young model to international stardom. It was held together by several well-placed, oversized gold safety pins. Someone else taking a bet on the Milanese brand is Michael Kors. The US fashion group will buy Italy’s most storied designer for $2.1bn, including debt. The acquisition is important because it builds on Michael Kors’s plan to create a conglomerate that, if it’s successful, would rival European heavyweights LVMH, Gucci-owner Kering and Richemont. Historically, Michael Kors has sold what is known as affordable or accessible luxury — handbags that sell for R4,000 and watches in the R2,500 range. Its ambition to transcend the "middle mark...
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