Michael Kors has officially announced its acquisition of Versace in a deal worth around $2 billion, a move that marks a significant milestone for the company. As part of the acquisition, the company will be rebranded as Capri Holdings, a change that reflects its ambitions for growth and expansion.
With plans to transform Versace into a global powerhouse, Michael Kors intends to increase the number of stores from 200 to 300 in order to maximize the value of the acquisition. This strategic move is in line with the company’s goal to boost revenues to $8 billion and expand its presence in key markets around the world.
The decision to rename the company as Capri Holdings pays tribute to the luxurious and iconic Capri Island, embodying the timeless elegance and sophistication of the three luxury brands under its umbrella. This change underlines the strong foundation on which the group is built and its commitment to excellence.
Versace, a prestigious brand with a 40-year legacy, has experienced a resurgence in recent years, solidifying its position as a favorite among celebrities and fashion enthusiasts. Donatella Versace, who will continue to lead the creative direction of the brand, expressed her enthusiasm for the future of Versace under the ownership of Capri Holdings.
Led by CEO Jonathan Akeroyd, the Versace management team has played a key role in the brand’s success and growth. With the backing of Capri Holdings, Versace aims to surpass $2 billion in revenues and uphold its values of inclusivity and empowerment.
The acquisition of Versace by Capri Holdings represents a new era for the brand, with a strong foundation laid out by the leadership team and Donatella Versace herself. The future looks bright for Versace as it embarks on this exciting journey under new ownership.
For more information on the acquisition of Versace by Capri Holdings, visit here and here.
