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
BusinessEx
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
SIMILAR News
April 22, 2019
International Finance Corporation, an investment arm of World Bank, decides to endow $75 million as ...More
By Jaspreet Kaur
April 22, 2019
Steller Value Chain, a Mumbai-based logistics company, will buy Patel Integrated, a Surface transpor ...More
By Jaspreet Kaur
April 18, 2019
The acquisition will incorporate an advanced cash consideration of INR 32 crore (ZAR 65 million) ...More
By Jaspreet Kaur
April 18, 2019
The online footwear company said that it will be using the garnered capital to hire experienced prof ...More
By Jaspreet Kaur
April 17, 2019
APL Apollo, an Indian steel manufacturer, has confirmed reports of acquiring a manufacturing unit of ...More
By Jaspreet Kaur
April 17, 2019
TA Associates, an American private equity firm has obtained a small portion of shares in the Indian ...More
By Jaspreet Kaur
April 16, 2019
The California-based Wibmo will operate as a wholly owned subsidiary of PayU ...More
By Jaspreet Kaur
April 16, 2019
CureFit is actively acquiring companies to expand its business for almost a year now ...More
By Jaspreet Kaur
April 12, 2019
The microcredit company, Sindhuja Microcredit, is the new generation financing firm which caters fin ...More
By Jaspreet Kaur
April 11, 2019
International Finance Corporation (IFC), a sister company of World Bank, has decided to endow money ...More
By Jaspreet Kaur
April 11, 2019
The Indian IT giant, Tech Mahindra will acquire 18.1 per cent stakes in Vitaran Electronics and Info ...More
By Jaspreet Kaur
April 10, 2019
The online investment market is a forthcoming theme in fintech (financial technology) sector ...More
By Jaspreet Kaur