Fashion news

Michael Kors Holdings Buys Versace, Changes Name to Capri Holdings

The company acquired the Italian fashion house for a cool $2.8 billion.
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Luxury fashion group Michael Kors Holdings Limited has completed its acquisition of Versace and has changed its name to Capri Holdings Limited. Starting today, the company will trade under a new stock market ticker symbol CPRI.

“Versace has long been recognised as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style,” shared Chairman and CEO of Capri Holdings John D. Idol.  “We are thrilled that the house of Versace is now part of the Capri Holdings family of luxury brands.”

The fashion group, which also owns Michael Kors and Jimmy Choo, acquired Versace for 1.83 billion euros (S$2.86 billion) and anticipates revenue growth of US$8 billion (S$10.9 billion) in the long-term.

Donatella Versace will remain as Versace’s chief creative officer and Jonathan Akeroyd, its chief executive officer.

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