- Luxury jewelry brand, Michael Kors has announced that they have purchased Italian fashion brand, Gianni Versace
- The press release reveals that Michael Kors purchased all outstanding shares of the brand for $2.12b
- According to the creative director, Donatella Versace, the move will enable Versace achieve its full potential
American global fashion brand, Michael Kors Holdings which is known for jewelries, bags and perfumes has bought Italian luxury fashion brand Versace for $2.1bn including the debt of the company.
According to reports, the creative director, Donatella Versace who ran the company since the 1997 murder of her brother Gianni, called the sale a “very exciting moment” and “allow Versace to reach its full potential”.
The chairman and CEO of Michael Kors Holdings Limited, John D. Idol had this to say: “The acquisition of Versace is an important milestone for our group. 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."
Donatella, her brother Santo and daughter Allegra will also stay on as shareholders in the company. Versace’s management team will continue to be led by its CEO, Jonathan Akeroyd.
Michael David Kors which will be renamed Capri Holdings Limited, plans to grow Versace to $2 billion in revenue globally and increase its retail footprint from about 200 to 300 stores.
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