Anthony Galioto BUS105 IA01
On September 25, 2018, reports became public that Michael Kors was finalizing the acquisition of the European-luxury brand, Versace, for $2.1 billion. This news generated more backlash than it did support, as loyal customers voiced their own opinions on social media platforms. Versace, a high-end luxury brand, has a very respected reputation that is known across the world, whereas Michael Kors has found itself on the low end of American retail stores, like TJ Maxx and Marshalls. European consumers are afraid that the wide-scale approach of Michael Kors is going to diminish the respect of the brand. This was not only just a number of online complaints, after the news came out, the stock of Michael Kors immediately dropped 10% in value. Despite all of this backlash from passionate customers, Michael Kors has a vision in mind when purchasing a world-renowned brand in V...