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Michael Kors buys Versace for a staggering $2.12 bn

With this investment, Versace will now be renamed as Capri Holdings.

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MUMBAI: Global fashion luxury group Michael Kors Holdings Limited has acquired all of the outstanding shares of Italian luxury fashion house Gianni Versace for a massive $2.12 billion. 

With this investment, Versace will now be renamed as Capri Holdings. The name is inspired by the fabled island which has long been recognised as an iconic, glamorous and luxury destination.

Versace, long recognised as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style.

Donatella Versace will however continue to lead the company’s creative vision.

Michael Kors chairman and CEO John D. Idol considers the acquisition of Versace an important milestone for the group. “With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”

Donatella Versace mentioned, “We recognise that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by 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.”

Donatella added, “Santo, Allegra and I will become shareholders in Capri Holdings Limited. This demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group.”

Versace’s management team will continue to be led by CEO Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide.

As part of the strategic plan for the long-term growth of Versace, Michael Kors intends increase its global retail footprint from approximately 200 to 300 stores and accelerate e-commerce and omni-channel development.

The luxury mega house also wants to expand men’s and women’s accessories and footwear from 35 per cent to 60 per cent of revenues.

The cash portion of the purchase price is expected to be funded by a combination of cash on hand, drawings under the company’s existing revolving credit facility, and committed underwritten bank term loans.

The Versace family will also receive Euro 150 million of the purchase price in shares of Capri Holdings Limited. The transaction is expected to close in the company’s fourth fiscal quarter, subject to specified closing conditions, including the receipt of required regulatory approvals.

Founded in 1978 in Milan, Versace is one of the leading international fashion design houses that designs, manufactures, distributes and retails fashion and lifestyle products including haute couture, prèt-à-porter, accessories, jewellery, watches, eyewear, fragrances, and home furnishings all bearing the distinctive Medusa logo.

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