ICYMI: Michael Kors buys Versace for USD 2.1 billion
In a surprising move, Michael Kors Holdings Limited has announced that it has acquired Versace for $2.1 billion, and it'll be changing its name to Capri Holdings Limited. The Italian fashion house will be joining Jimmy Choo and Michael Kors under the same company. Vice President of the brand, Donatella Versace, will be staying to oversee the team, alongside her brother, Santo, and her daughter, Allegra, will all become shareholders in Capri Holdings Limited. While the news has been met with mixed reactions, John D. Idol, the Chairman and Chief Executive Officer of Michael Kors Holdings Limited, assured that "we are committed to investing in its growth. With the full resources of our group, we believe that Versace will grow to over USD 2.0 billion in revenues."
In a statement released by the brand, Donatella 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. Santo, Allegra and I recognize 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. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow."