Michael Kors Buys Versace For $2.1 Billion
Michael Kors has bought the Italian fashion house, Versace, for $2.1 billion in a bid to move deeper into the international big league.
Michael Kors chief executive John Idol, in a statement released on Tuesday said it bought Versace for 1.83 billion euros ($2.1 billion).
He also said Versace represented the “epitome of Italian fashion luxury” and its acquisition was an important milestone for the company, which is being renamed Capri Holdings.
Creative Director, Donatella Versace, who has run Versace since the 1997 murder of her brother Gianni will continue to lead Versace’s “creative vision” and said the takeover was “essential to Versace’s long-term success”.
She added, “We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader.”
Michael Kors, best known for bags, watches and perfume, bought luxury shoemaker Jimmy Choo in 2017 for $1.2 billion.