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Must Read: Versace Merges Versus and Versace Jeans, Marco Bizzarri on Why He Hired Alessandro Michele at Gucci

Plus, Tapestry's Victor Luis on what's next for the accessible-luxury group.
Looks from Versus Versace's Spring 2018 runway show. Photo: Imaxtree 

Looks from Versus Versace's Spring 2018 runway show. Photo: Imaxtree 

These are the stories making headlines in fashion on Wednesday.

Versace merges Versus and Versace Jeans 
Michael Kors Holdings just acquired Versace last month (forming Capri Holdings) and has already made its first major business decision: The company will integrate Versus, Versace's diffusion line, with the house's other contemporary line, Versace Jeans. Versace's Chief executive Jonathan Akeroyd told WWD on Wednesday that the company had been looking at ways to simplify the Versace business model over the past months. "This merger will allow us to further develop the Versace Jeans collections and at the same time not to lose the DNA and codes that made Versus so iconic," Akeroyd said. Donatella Versace will serve as the creative director for both lines. {WWD

Marco Bizzarri on why he hired Alessandro Michele at Gucci
Alessandro Michele is a gold mine of creativity, eccentricity and, ultimately, revenue that has helped Gucci reach unprecedented sales and become one of the most sought-after luxury brands in the world. In an interview with WWD, Gucci's President and Chief Executive Marco Bizzarri recalled his initial meetings with the designer. Though he attributed his decision to hire Michele for the job to a huge dose of luck, Bizzarri said he felt a "personal connection" with Michele that led him to believe he was the right choice. {WWD

Tapestry's Victor Luis on what's next for the accessible-luxury group
Tapestry Inc., the accessible-luxury group that owns Coach, Stuart Weitzman and Kate Spade, has cut costs, made a push to grow sales in Asia and refrained from frequent discounting this year. These moves, coupled with the excitement surrounding Kate Spade's first collection under Nicola Glass, appear to be paying off. On Tuesday, the year-old company beat Wall Street forecasts with $1.4 billion in revenue in the first quarter of its fiscal year, up 7 percent from the year prior. In an interview with Business of Fashion, Tapestry's Chief Executive Victor Luis addressed these successes, touched on challenges in China and confirmed that he is openly looking for more brands — both stateside and abroad — to add to the company's portfolio. {Business of Fashion

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An uncertain market poses a threat to private companies
"After years of building their business profiles with round after round of funding, the day of reckoning for the late-stage private companies is drawing near," writes Evan Clark for WWD. Companies like Moda Operandi, Poshmark, Rent the Runway, The RealReal and Warby Parker will eventually have to face their investor base, who will be looking for their payday. "The bad news is that while there are 100s of founders and companies working to build their dreams, not every company is in tip-top shape and even good businesses can find themselves struggling to satisfy investors that made bets early, paid for all the growth and now have a contractual right to sell." {WWD

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