Are we looking at Bud Light 2.0?
Two years removed from the ill-fated March Madness collaboration that saw the beer giant’s market value plummet, Italian fashion house Versace is facing backlash for partnering with trans influencer Dylan Mulvaney.
On Monday’s show, Megyn slammed the brand for eschewing biological women in favor of Mulvaney and shed some light on the clothing he modeled.
[Editor’s Note: You can learn more about Megyn’s position on preferred pronouns here.]
Versace’s Downward Spiral
Once an iconic fashion house, Versace has been in turmoil in recent years amid declining sales and power struggles.
The Italian brand was founded by Gianni Versace in 1978 and quickly became known for its bold colors and sensual silhouettes. Donatella Versace took over creative direction in 1997 after her brother’s tragic death and broke the then-fledgling internet with Jennifer Lopez’s plunging gown at the 2000 Grammys.
But Versace has loss its cachet in recent years. Capri Holdings, which owns Michael Kors and Jimmy Choo, acquired the brand in 2018 for $2.1 billion. It was then sold to Prada Group at a steep discount in April 2025 for $1.3 billion. Around the same time, Donatella was replaced as creative director.
Who Wore It Better?
With that in mind, perhaps it was a quest for social media relevance that led Versace and online retailer Moda Operandi to invite Mulvaney to the launch party for the brand’s latest capsule collection in New York City last week.
Mulvaney gushed about the invite – and the dress he was, presumably, lent to wear – on social media, posting a series of photos and videos on Instagram. In a ‘fit check’-type clip, he shared he was “headed to a Versace event” in a slinky black gown with a thigh-high slit and asymmetrical neckline. “Quick update, I think this is the best I’ve ever looked,” he declared as he posed for the camera.
“There he is, again, cosplaying being a woman with an enormous fake boob. He has obviously had breast implants,” Megyn said. “He has been, I guess, hired by Versace to endorse Versace’s clothing.”
Megyn shared she is particularly familiar with the gown Mulvaney was so proud to show off. “He is wearing last season’s dress,” she added. “It is a dress that was brought to me back in the fall to possibly wear to the Al Smith dinner, but I rejected it. And it is a dress that Melania Trump wore on New Year’s Eve… and actually did look spectacular in it.”
“That is what this dress looks like on an actual woman,” Megyn tweeted over the weekend. “Too bad Versace decided to partner with a fake one.”
‘Colossal Blunder’
Megyn called Versace’s association with Mulvaney “another colossal blunder” for a brand that is “already hemorrhaging” in sales and reputation. “It is not one of the top couture brands anymore,” she said. “It used to be, but – because of asinine moves like this – they’ve suffered.”
She predicted the house’s stock will only continue to sink. “You had literally one of the most beautiful women in the world wear your dress, and you decided to counter that by putting a man who poses as a woman and gets off on diminishing women by acting like a four year old as he claims he is one wear the same dress,” Megyn concluded. “It’s a fail.”
You can check out Megyn’s full analysis by tuning in to episode 1,070 on YouTube, Apple Podcasts, or wherever you like to listen. And don’t forget that you can catch The Megyn Kelly Show live on SiriusXM’s Triumph (channel 111) weekdays from 12pm to 2pm ET.