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Michael Kors Holdings, now renamed Capri Holdings, announced on January 2 that it has completed the acquisition of luxury Italian fashion label, Versace.
Michael Kors Holdings, which has been renamed Capri Holdings after the US$2 billion acquisition, will trade on the New York Stock Exchange as CPRI. “Versace has long been recognised as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style,” said John Idol, Chairman and Chief Executive, Capri Holdings. “We look forward to working 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”, he added.
Donatella Versace, sister of the late founder Gianni, is to become a shareholder, along with her brother Santo Versace and daughter Allegra Versace. Through the acquisition, the Group expects to increase revenues to US$8 billion and grow its presence in Europe and Asia.