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US: Kors buys Versace in US$2.1b deal

By  |  September 25, 2018

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

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