your password has been reset successfully, Please login again.

Michael Kors buys Versace for $2.12 billion

The new company will be named Capri Holdings Ltd.
BY BEx Bureau
Sep 27, 2018

Fashion giant Michael Kors will acquire Versace for $2.12 billion. The new company will be named Capri Holdings Ltd.

As part of the acquisition, Michael Kors will buy all of Versace's outstanding shares for a total enterprise value of 1.83 billion euros, to be funded in cash, debt and shares in Michael Kors Holding Ltd.

U.S. private equity firm Blackstone, which has 20% stake in Versace, will fully exit the company.

John Idol, Chief Executive Officer of Michael Kors, said, "The acquisition of Versace is an important milestone for our group. We are committed to investing in its growth."

Michael Kors is planning to raise the number of Versace outlets from 200 to 300. The company further looks to double the turnover by boosting the percentage of footwear and accessories from 35% to 60% of revenues.

Donatella Versace, Creative Director of Versace, said, "This is a very exciting moment for Versace. It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves."

Please add your Comment
November 20, 2018
Through this investment, BillDesk will develop new product lines for its payments and loyalty busine ...More
By Vaishnavi Gupta
November 19, 2018
Ananth Narayanan, Chief Executive Officer of Myntra, will continue to lead the team. ...More
By Vaishnavi Gupta
November 16, 2018
This acquisition will help FarEye to reinforced its growth plans to solve challenges for long-haul a ...More
By Vaishnavi Gupta
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta