Published On: Tue, Jan 1st, 2019

Michael Kors wraps up $2.1bn acquisition of Versace, changes name to Capri

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Michael Kors acquisition of Versace : US-based luxury apparel retailer Michael Kors has renamed itself as Capri Holdings following the completion of a previously announced acquisition of Italian luxury fashion company Gianni Versace for $2.12 billion, as per the latest retail acquisition news.

Starting from 2 January 2019, the luxury apparel retailer will trade on New York Stock Exchange with a ticker symbol of CPRI.

John D. Idol – Chairman and CEO of Capri Holdings, commenting on the name change of Michael Kors, said: “With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world. The new name for our group, Capri Holdings, is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination.

“The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands.”

Established in 1978 in Milan, Versace is a global fashion design house which manufactures, distributes and sells fashion and lifestyle products such as haute couture, prèt-à-porter, watches, eyewear, accessories, jewelry, fragrances, and home furnishings among others.

Michael Kors acquisition of Versace

Michael Kors acquisition of Versace. Photo courtesy of Business Wire.

Versace distributes its products through a global distribution network which includes over 200 boutiques and more than 1500 wholesalers across the world.

Michael Kors acquisition of Versace was announced in September 2018.

The luxury apparel retailer said that the acquisition of the Italian luxury fashion company will grow its global group to include three popular brands – Michael Kors, Jimmy Choo and Versace, which it says are defined by fashion luxury products and known for their world-class design and innovation.

Michael Kors acquisition of Versace is expected to give scope for the former to grow its revenues to $8.0 billion in the long-term. The Italian luxury fashion company is estimated to grow its revenues to $2.0 billion through the acquisition by Versace.

Commenting on Michael Kors acquisition of Versace, John D. Idol said: “Versace has long been recognized as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style.

“We are thrilled that the house of Versace is now part of the Capri Holdings family of luxury brands. We look forward to working with Chief Creative Officer Donatella Versace, Chief Executive Officer Jonathan Akeroyd, and their incredibly talented team to continue to drive Versace’s growth and success globally.”

Michael Kors acquisition of Versace comes a little over a year of the US luxury apparel retailer’s $1.35 billion acquisition of Jimmy Choo, a British high fashion house which specializes in shoes, handbags, accessories and fragrances.

For more retail acquisition news, keep following Business-News-Today.com.

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