Michael Kors Buys Versace for $2.1 Billion
Michael Kors (MK) acquired Versace on Tuesday at $2.1 billion for the iconic Italian fashion brand. With this purchase, MK now can sit at the table amongst the world’s elite European fashion brands.
“The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage. We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.” – John D Idol, Chairman and Chief Executive Office of Michael Kors Holdings Limited
“Capri Holdings Limited” will be the new name adopted by Michael Kors Holdings Limited after the finalization of the acquisition. Michael Kors released its strategic initiatives and transactions rationales as well.
Click here for the link to the full statement.