United States based luxury fashion brand Michael Kors has completed the US $ 2 billion acquisition of Italian designer Versace.
After the acquisition, Michael Kors Holdings has been renamed Capri Holdings.
“Versace has long been recognised as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style. We are thrilled that the house of Versace is now part of the Capri Holding’s family of luxury brands,” John Idol, Chairman & CEO, Capri.
The brand is now looking forward to work with chief creative officer Donatella Versace, chief executive officer Jonathan Akeroyd, and their incredibly talented team to continue to drive Versace’s growth and success globally.
Further, the acquisition is likely to back Michael Kors to take revenues to US $8 billion and increase its presence in Europe and Asia.
Markedly, the luxury brand had bought luxury shoe label Jimmy Choo for US $ 900m in 2017.