Fashion company Michael Kors is buying Versace, the Italian luxury brand, for US$2.12 billion, reported NPR.
The two fashion houses made the announcement Tuesday, September 25, one day after speculation spread about a potential deal.
“The acquisition of Versace is an important milestone for our group,” John Idol, chairman and CEO of Michael Kors, said in a statement.
Following the deal, Michael Kors will change its corporate name to Capri Holdings, in what it described as a nod to the “iconic, glamorous and luxury destination.”
Michael Kors said it plans to grow Versace’s sales to US$2 billion annually, open more stores, improve the brand’s e-commerce services, and expand its accessories and footwear businesses.
Full Content: NPR
Featured News
Pork Industry Faces Legal Challenges as Antitrust Lawsuits Against Seaboard Foods Dismissed
Oct 2, 2024 by
CPI
CMA Strengthens Investigation with Advisory Panel of Veterinary Experts
Oct 2, 2024 by
CPI
US Merchants Sue Visa, Alleging Unfair Dominance in Debit Card Market
Oct 2, 2024 by
CPI
European Commission Appoints New Chief Competition Economist
Oct 2, 2024 by
CPI
EU Commission Requests Information from YouTube, Snapchat, TikTok on Algorithm Usage
Oct 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh