September 25, 2018
Donatella Versace to stay on at Italian label and US fashion group to rebrand as Capri
Michael Kors buys Versace in $2.1bn deal
Michael Kors has confirmed its acquisition of the Italian fashion house Versace for $2.1 bn (£1.6bn).
Donatella Versace, the brand’s artistic director and sister of founder Gianni Versace, will continue to lead the creative side of the business.
Versace boss Jonathan Akeroyd will also remain in place with the rest of the brand’s senior management.
Michael Kors will be renamed Capri Holdings. The enlarged company will comprise of three global fashion brands: Michael Kors, Versace and Jimmy Choo.
Donatella Versace, her brother Santo and daughter Allegra will become shareholders in Capri Holdings.
Michael Kors buys Versace in $2.1bn deal
John D Idol, the Michael Kors chief executive and chairman, said the company was committed to investing in Versace’s growth, with a goal to grow revenues to over $2bn (£1.5bn).
“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,” he said.
Versace said: “We believe that being part of this group is essential to Versace’s longterm 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.”
Michael Kors acquired the shoe brand Jimmy Choo last year in a deal worth £896m. The move has already had a positive effect on the group’s earnings.
Michael Kors also outlined plans to increase the number of Versace retail stores worldwide from 200 to 300 and push the share of revenues raised from accessories and footwear from 35% to 60%.
The sale of Versace marks a turning point in the brand’s history. Founded in 1978, it has been majority-owned by members of the Versace family since its inception.
At the time of founder Gianni Versace’s death in 1997, the company had been making plans for a listing on the New York Stock Exchange, but it has remained private ever since.
Rumours of an IPO or sale resurfaced in the years following the company’s sale of a 20% stake to private equity giant Blackstone in 2014.
In 2016, former Alexander McQueen boss Akeroyd was named chief executive of Versace to oversee “the next phase of Versace’s development”.
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