Search DubaiPRNetwork.com

Dubai and UAE

Thursday, January 3, 2019/ Editor

Home >> Fashion, Lifestyle, Luxury and Home

Completes Acquisition of Versace

Completes Acquisition of Versace

Home >> Fashion, Lifestyle, Luxury and Home
January 03, 2019:    Capri Holdings Limited, a global fashion luxury group, announced today that it has changed its name from Michael Kors Holdings Limited (NYSE: KORS), and beginning on January 2, 2019, its New York Stock Exchange ticker symbol will be CPRI. The company is also pleased to announce that it has completed its acquisition of Versace.
 
John D. Idol, Chairman and Chief Executive Officer of Capri Holdings said, “With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world. The new name for our group, Capri Holdings, is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination. The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands.”
 
Mr. Idol continued, “Versace has long been recognized as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style. We are thrilled that the house of Versace is now part of the Capri Holdings family of luxury brands. 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.”
 
Strategic Rationale
 
The acquisition of Versace is expected to deliver a number of benefits for Capri Holdings, including:
 
  • Expand global group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation
  • Opportunity to help grow the group’s revenues to US$8.0 billion in the long-term
    • Grow Versace to US$2.0 billion in revenues
    • Grow Jimmy Choo to US$1.0 billion in revenues
    • Grow Michael Kors to US$5.0 billion in revenues
  • Diversify geographic revenues, increasing exposure to growing Asia region:
    • 66% Americas to 57% Americas
    • 23% Europe to 24% Europe
    • 11% Asia to 19% Asia
  • Potential to create long-term operational synergies
Transaction Details
 
As previously announced, Capri Holdings acquired Versace for a total enterprise value of Euro 1.83 billion (or approximately US$2.12 billion on the date of announcement). The cash portion of the purchase price was funded by a combination of cash on hand, drawings under its revolving credit facility, and bank term loans. Concurrently with the closing, the Versace family reinvested an aggregate of Euro 150 million of the cash received for their interests in Versace in exchange for 2,395,170 ordinary shares of Capri Holdings.

 

Share


Previous in Fashion, Lifestyle, Home

Next in Fashion, Lifestyle, Home


Home >> Fashion, Lifestyle, Luxury and Home Section

Latest Press Release

Emirates expands its Premium Economy offering on services to Male and Colombo

du launches Experience X internship program to empower UAE national youth

Experience Art, Adventure, and Heritage at Dubai Culture's Summer Camps 2025

DAFZ Announces Opening of Fakeeh Health's First Smart Clinic in Dubai

Hamdan Bin Rashid Al Maktoum Foundation Launches Summer Camp 2025 for Gifted Students under the Them ...

Al Masaood Automobiles Offers Exclusive First Look at 2026 Nissan Patrol NISMO Following World Premi ...

Mohamed bin Hadi Al Hussaini, Pakistan's Minister of Finance discuss ways to enhance cooperation in ...

UAE Circular Economy Council discusses policies to accelerate shift to circular models and expand bi ...

Big Wins Continue with PrivilegePLUS at Mercato & Town Centre Jumeirah!

Dubai Customs hosts Sheikh Mansour bin Ibrahim Al-Mualla to discuss ways of cooperation and strength ...

Christophe Robin's Summer Travel Essentials for Good Hair Days

Dubai Municipality and Parkin sign agreement to enhance the efficiency of public parking infrastruct ...

Dubai Airports launches DXB Greet & Go: a smart, QR code-based pickup service at Terminal 3

Dubai Sports World Returns for Action-Packed August Edition

The World Between Lines and Symbols: An Interactive Art Workshop at Mohammed Bin Rashid Library

Malls Across Dubai Come Alive This DSS With Non-Stop Entertainment, Unbeatable Prizes, and Endless S ...

Emirates A350 debuts in Dammam

Emirates Post collaborates with Dream Dubai to launch AED100,000 prize campaign to celebrate UAE's Y ...

HBMSU Hosts Strategic Mid-Year Gathering Reinforcing Institutional Alignment and Performance Account ...

ROSHN Group Participates at INNOPROM 2025, Russia's Largest Industrial Trade Fair, to Promote Collab ...