Fashion News

The owner of Michael Kors acquires Versace for $2.12B

Michael Kors owner buys Versace for more than $2B

Michael Kors Holdings Limited has acquired Versace for $2.12B (USD) and changed its name to Capri Holdings Limited. Versace’s new owners intend to build the Versace brand to $2.0 billion in revenues, while growing Jimmy Choo, which it bought last year for $1.2B, to $1.0B in revenues and Michael Kors to $5.0B in revenues. It is also seeking to rely less on sales from the Americas, moving American continent geography sales from 66 percent to 57 percent, and push Asia sales higher, from the current 11 percent of sales to 19 percent of sales.

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