Versace
Michael Kors acquired Versace fashion house for 1,83 billion euros
The acquisition was signed between the companies on September 25, 2018. The deal amounted to 1,83 billion euros. With the closing of the transaction, Michael Kors Holdings Limited will change its name to Capri Holding Limited. The transaction is expected to be completed in the fourth fiscal quarter.
The transaction is not subject to financing conditions. It is expected that the amount of the purchase price will be financed by cash and through a guaranteed bank term loan from banks JPMorgan Chase Bank, NA and Barclays. The Versace family will also receive € 150 million from the purchase price of Capri Holdings Limited.
From left to right: Jonathan Akeroid, Donatella Versace, John Idol
“Given the resources of our holding, we believe that Versace’s revenues will increase to $ 2 billion. Brands Michael Kors and Jimmy Choo, as well as the acquisition of the Versace brand, allow us to ensure annual growth and increase in revenue. In addition, Donatella Versace is a cult figure of the Versace fashion house, its integral part. She will remain at the head of the creative direction. I am very pleased to have the opportunity to work with Donatella on the next milestone in the development of the Versace brand, ”commented John Idol, Chairman and CEO of Michael Kors Holdings Limited, on signing the deal.
Donatella Versace called the accession of Versace to Michael Kors Holdings Limited the key to the long-term success of the brand.
“Now is the perfect time for the growth of our company, which puts creativity and innovation at the heart of all its actions. Santo, Allegra and I will become shareholders of Capri Holdings Limited. This demonstrates our faith in the long-term success of the Versace brand and reflects its commitment to luxury holding, ”she said.
Versace will continue to be led by CEO Jonathan Aceroid, who is Donatella Versace’s important partner in brand development around the world.
The strategic plans for brand development are planned
increase Versace's revenue to $ 2 billion by expanding the brand’s global retail network to 300 stores, developing e-commerce and multi-channel sales. It is also planned to increase the share of the assortment of men's shoes and accessories from 35% to 60% of the total turnover.
It is expected that the acquisition of Versace will bring a number of advantages for the holding, including increasing the holding's income in the long term to $ 8 billion, expanding the holding by including three iconic brands and diversifying the geography of customers:
- 66% in America and 57% in the Americas;
- From 23% in Europe and up to 24% in Europe;
- From 11% in Asia to 19% in Asia.
Michael Kors Holdings Limited Is an international group of fashion brands that are leaders in the sectors of style and design. Brands include all categories of clothing, including women's and men's accessories, shoes and ready-to-wear, as well as watches, jewelry, glasses and a full line of perfumes. Michael Kors Holdings Limited is publicly listed on the New York Stock Exchange under the ticker symbol KORS.
Versace founded in 1978 in Milan, is one of the leading international fashion houses. Versace brand produces haute couture, ready-to-wear clothing, accessories, jewelry, watches, glasses, perfumes with a cult and characteristic logo - a jellyfish. Versace Group distributes its products through a worldwide distribution network, which includes more than 200 boutiques in different cities around the world.
The acquisition was signed between the companies on September 25, 2018. The deal amounted to 1,83 billion euros. With the closing of the transaction, Michael Kors Holdings Limited will change its name to Capri Holding ...
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