VERSACE WILL BE SOLD TO MICHAEL KORS HOLDING LIMITED

The takeover of Versace by Michael Kors Holding Limited has been confirmed. The US Group has announced that it has signed a definitive agreement with the Milanese company to take all the remaining shares of the luxury fashion house Gianni Versace S.p.A for a total corporate value of 1.83 billion euros. The Kors Group will also change its name it will become Capri holding Limited, highlighting the importance of the italian brand with its composition and leaving behind the name of the American fashion designer. The Versace family will have a stake in the new holding of the company which will merge the continuity of their past . CEO Jonathan Akeroyd will retain his role joined in the company since 2016 after Alexander McQueen. The goal: to bring the turnover over two billion . “We believe that Versace’s turn over will increase to over two billions dollars” said John D. Idol, CEO of Michael Kors Holding Limited, who added: “the acquisition of Versace is an important milestone for our group. For over 40 years, the fashion house Versace founded by Gianni, Santo and Donatella 1978, represent the symbol of the Italian fashion luxury, a testimony of timeless for the tradition of the brand. We are thrilled to welcome Versace into our family of luxury brands, and we are committed to invest in the growth of the brand. We believe the strength of the brands Michael Kors, and Jimmy Choo brands, with acquisition of Versace will give us many years of growth of the revenue and profit.”