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It plans to grow Versace to $2 billion in revenue globally and increase its retail footprint from roughly 200 to 300 stores. It also expects to expand accessories and footwear from 35% to 60% of revenue.

The deal marks one of the first times an American company has cracked the code of super high-end luxury fashion, typically controlled by LVMH, the owner of Guerlain and Givenchy, and Kering, the owner of Balenciaga and Yves Saint Laurent. Michael Kors had already dipped its toes in European fashion, last year buying shoe brand Jimmy Choo for $1.2 billion.

As part of the deal, Donatella Versace, who has helped run the company since her brother Gianni was murdered in 1997, will stay on to oversee the label. Donatella, her brother Santo and daughterAllegra will also stay on as shareholders in the company. Versace’s management team will continue to be led by its CEO, Jonathan Akeroyd.

In a statement, Donatella said:

We are all very excited to join a group led by [Michael Kors CEO] John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success.

Michael Kors said Tuesday that following the deal, the company hopes to reduce its proportion of business in the Americas from 66 percent to 57 percent, while increasing its European business from 23 percent to 24 percent and Asian business from 11 percent to 19 percent.

According to CNBC:

The global market for personal luxury goods was estimated to be worth $307 billion in 2017, according to recently filed registration documents for luxury marketplace Farfetch, which went public last week. The luxury market is expected to reach $446 billion by 2025, according to the data.

The push further into luxury serves also as a defense for the next economic downturn, more than a decade after the last one in the U.S. Those that can afford a Versace dress are among the most likely to continue to spend during a recession than those who shop more affordably, industry experts say.

Michael Kors has been eyeing the luxury space for quite some time. Both it and competitor Tapestry suffered the repercussions of expanding their affordable luxury brands too widely, thereby diluting their stature in the process. Meantime, the malls in which shoppers often pick up their affordable luxury brands have become increasingly desolate as shoppers head online.

Donatella Versace, sister of the fashion house’s late founder Gianni Versace, will“continue to lead the company’s creative vision.” She continued by assuring Versace fans that, “My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”

 

Culled from Pulse

In a report by Wall Street Journal, Njideka‘s highest selling artwork at the moment is a 2017 botanical piece named ‘Bush Babies.’

According to the report, New York based art company dealer, Sotheby’s estimated that the ‘Bush Babies,’ would sell for up to $800,000 but ended up selling for $3.4 million.

The ‘Bush Babies’ artwork was sold during an auction at the Christie’s in London, United Kingdom.

The artist, who once sold artworks for  $3,000 apiece has joined the leagues of top-flight artists in United States of America and United Kingdom.

It was also reported that least 20 public museums are on a waiting list for works which Njideka hasn’t painted yet.

At 35 years old, Crosby from Eastern Nigeria, has since been awarded the prestigious MacArthur Fellowship.

The MacArthur Fellowship, also referred to as the Genius Grant, awards $625,000 to artists, writers, teachers, scientists, entrepreneurs, and people from all works of life who have shown exceptional creativity.

The grant is doled out in instalments, made over a period of five years.

Aside the grant, Njideka has also been decorated with honours for her artworks by the New York’s Whitney Museum of American Art and London’s Tate Modernhave come calling.

Credit: Pulse

Tennis superstar Serena Williams on Sunday, 23rd of September was honored for her charitable work at the 2018 Imagine Ball in West Hollywood.

Serena wore a form-fitting animal print mini dress as she arrived at the event which had Kelly Rowland and Nicole Scherzinger in attendance.

The event, honoring the 23-time Grand Slam champion, was hosted by Good Day LA‘s Rita Garcia.

See photos below:

Serena Williams

Kelly Rowland

Nicole Scherzinger

Photo Credit: Photo by Tommaso Boddi/Getty Images

 

Credit: Bella Naija

Singer and actress Selena Gomez has announced that she will be taking a break from social media for a while.

She made the announcement on her Instagram page, after posting a selfie to her Instagram account.

The 26-year old star had first captioned it with “Mood lol (I was looking at myself in the mirror -like an idiot!)”

Later, Selena updated the post with the caption:

“Update: taking a social media break. Again. As much as I am grateful for the voice that social media gives each of us, I am equally grateful to be able to step back and live my life present to the moment I have been given. Kindness and encouragement only for a bit! Just remember- negative comments can hurt anybody’s feelings. Obvi.”

 

Fashion designer, Toyin Lawani of Tiannah Place Empire has won the Best Female Fashion Designer of the year at the IARA Awards in London.

The International Achievement Recognition Award (IARA) is a platform that celebrates outstanding talents, laudable initiatives and recognize the hard work of those in Theatre, Music, Film/TV and the Fashion industry.

 

Her new national role will see her promoting education, tourism and investment of Barbados.

“Rihanna has a deep love for this country and this is reflected in her philanthropy, especially in the areas of health and education. She also shows her patriotism in the way she gives back to this country and continues to treasure the island as her home,” the prime minister said in a statement .

“She has also demonstrated, beyond her success as a pop icon, significant creative acumen and shrewdness in business. It is therefore fitting that we engage and empower her to play a more definitive role as we work to transform Barbados.”

The singer was born in Saint Michael in Barbados, and grew up in the capital, Bridgetown.

Last year a street she used to live on was renamed Rihanna Drive in her honour.

In a statement accepting her new role, Rihanna said she “couldn’t be more proud to take on such a prestigious title” in her home country.

“Every Barbadian is going to have to play their role in this current effort, and I’m ready and excited to take on the responsibility. I look forward to working with Prime Minister Mottley and her team to re-imagine Barbados.”

The singer is now referred to as Ambassador Fenty by the Barbados government.

On Saturday, September 22, 2018, the Kaduna State governor, Nasir ElRufai announced on Twitter that the state government has declared free education for all female students in public secondary schools.

He tweeted:

“The Kaduna State Government has declared free education for all female students in Public Secondary Schools in Kaduna state. This is aimed at getting rid of the hindrances to girl-child education. The free Basic Education Policy in the state for every child remains.”

 

 

My first Economics class enlightened me on the difference(s) between human needs versus human wants and how humans can be quite insatiable. So, in order to effectively manage human resources to fit perfectly into these needs, it becomes necessary to draw a scale of preference and know opportunity costs to avoid frivolous spending.

Economics was no doubt one of my favourite subjects in Secondary School inasmuch as Mr Oyakhire made it seem cloudy and boring as more than half of the class were usually long gone in the dream world. The interest amazes me till date.

Some days back after close of work, my colleagues and I got talking on priorities. The topic basically centred on how we can’t make choices or ‘’help’’ people with their choices because choices and priorities will forever remain relative. Thankfully, parents are beginning to get the drift that they can’t force their choices on kids anymore.

Eventually, we all have to make various choices but with some wisdom. There’s nothing logical in a grown man putting his life savings towards the completion of the house his late father left behind in a village when he clearly has no investment in the city he lives in when as a matter of fact, he squats with his newly engaged fiancée and younger sister since he got fired from his banking job.

I also find it ridiculous about the struggle that goes in traveling habrod to have kids with no specific provisions of accommodation, hospital bills and other necessities. Or what do you think about someone who sold some valuables just to attain a Toyota Avalon? His priority, right?

You see, everyone suffers from setting wrong priorities ranging from work relationships, family relationship, boy-girl relationships, etc. Our government is not left out considering how well they concentrate more on unimportant and irrelevant issues rather than work towards the growth of the country.

Remember how long the government played well in the ‘’blame game’’? The constant disapproval and criticism of the past administration? Ok, we know the past administration must have gone a little over the top in misappropriation of bills but can we move on to more pressing issues in the country?

Personally, I think when humans devise means of setting right priorities, more than half of the problems will be solved

Now, we all tend to think increase in salaries automatically solves or accommodate all of our excesses. WRONG! An increment only increases and widens your taste. That’s when our taste buds yearns for rather expensive stuff and we think we’ve finally ‘’arrived’’. It’s not evil to spoil oneself with the good things of life, abi who no like good tin?

According to an Emotional Intelligence Speaker, you can’t manage your huge resources if you do not manage your little resources effectively. It’s no magic. That is practically the period you increase your general taste in fashion, feeding, location, school for kids and many more, to compete with people who can afford these luxuries in a snap. You go as far as going on expensive vacays when your bank account is crying. Some might even get carried away with little or nothing to show for after years of service.

Humans generally want to ‘’belong’’. Just as a peacock displays its beautiful tail, humans want to show off the newly acquired item to fit into their social cycle. Like it or not, adults get intimidated from time to time which eventually leads to esteem issues especially when an adult lacks the discipline to say NO to unnecessary expenses.

Discipline goes a long way to setting right priorities. Discipline shapes characters which is an important ingredient in saving for rainy days. You don’t have to be ashamed to tell your wealthy friends that you can’t afford a luxurious Abu Dhabi vacation. Real friends consider each other’s pocket in initiation of fun.

In one of Uncle Joro’s numerous letters of lamentation, a lady kept grumbling about her friend’s selfish wedding plans. This friend wanted her friends to look ‘’foreign’’ (esteem issues) by getting blue eye contacts and buying some floor-sweeping human hair. She also wanted them to buy red-bottom shoes. The estimate for these according to the grumbling lady was about 150-200k. All for Bellanaija.

If you can afford this for a friend’s wedding, spend your savings on it by all means. You’re an OBO and also ‘’self-made’’ after all. Lord knows I desire the good and beautiful things of life but I know the material I have. So I cut my style according to my available material, knowing that in HIS time, all things shall be beautiful.

Patience is all that requires to bridle your taste buds. Oh ye taste buds, you will get satisfied only with the available foods. You’ll get all that you want, all that you desire in good time.

I’d love to know how you’ve managed with your yards of material to fit your size. How do you set your priorities? What expense has cost almost your arm and leg?

By : Olwaseyi Efuntoye

Email : sefuntoye@gmail.com

Instagram : @seyyi_

The special screening of Netflix new movie “Nappily ever after” with beautiful actress Sanaa Lathan playing lead role was specially screened on last week Thursday at the Harmony Gold Theatre in Los Angeles, California.

The beautiful actress also used the event as an opportunity to celebrate her 47th birthday had stars such as Gabrielle Union, Nia Long, Robinne Lee, Antoinette Robinson, Lynn Whitfield, Larry English, Nicole Williams and more in attendance.

The film is about a woman who is tired of waiting for her longtime boyfriend to propose, so she breaks up with him. She is forced to deal with her feelings of resentment and jealousy when her ex promptly proposes to another woman.
In the process of discovering herself, she shaves her hair and feels liberated for the first time in her adult life!

If you haven’t seen it we suggest you do. It’s a must watch for every woman who is trying to find her true identity and live life based on her own terms.

 

 

Media girl and vlogger Toke Makinwa hosted the Most beautiful girl in Nigeria contest with IK Osakioduwa in Bayelsa on Saturday and she looked smashy in her outfits, the radio presenter also wore her confidence like a beautiful dress and looked stunning. The contest which saw Miss Imo state take home the coveted crown and organized annually by the Silverbird group has been in existence for several decades and has put Nigeria on the global map several times.

Here are pictures of Toke and IK during their hosting duties.