John D. Idol’s ‘God complex’ is driving fashion brands ‘into the ground’: sources on Versace, Kors owner

nypost.com:

“pushed out” Donatella Versace as creative director of the brand her brothers Gianni and Santo launched in 1978. For some, though, it comes as no shock.“He’s a God-complex, chest-beating, bulldozer of a man,” said the insider of Idol.Idol reportedly pushed the flamboyant Versace brand to create a monogram similar to Michael Kors’ “MK” or Louis Vuitton’s “LV” and to sideline its iconic Medusa logo in favor of a more stately Baroque V —while increasing prices, just as the luxury market took a post-pandemic downturn.“He will wrap your entire brand up into that gold medallion [style] he loves to hang off handbags.

He thinks every brand has the same formula,” said the fashion insider. The Capri spokesperson noted this was a management team decision.However, “He’s driven brands completely into the ground, like Jimmy Choo,” said the insider. “He’s taken the heart out of them.”The Capri spokesperson denied this, saying Capri had made significant investments in Jimmy Choo.Idol bought the shoe brand for $1.2 billion in July 2017, and WWD has reported it’s now up for sale — as is Versace, which is reportedly in talks to be scooped up by Prada.It all comes after Idol’s bid to sell Capri — which also owns Michael Kors — for $8.5 billion to Tapestry, the parent of such prominent US brands as Coach, Kate Spade and Stuart Weitzman.

That deal flopped last year over antitrust issues.According to the Wall Street Journal, Capri Holdings is now valued at roughly $2.3 billion—only slightly more than what the company paid for Versace.