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Michael Kors (KORS) has agreed to take over Italian fashion house Gianni Versace for .1 billion, as the American designer looks to add more upscale brands to its offerings.Following a day of rumors, today it’s official: Michael Kors Holdings Limited has bought Versace, the Italian luxury goods house founded by the late Gianni Versace in 1978 and now creatively. Michael Kors (KORS) has agreed to take over Italian fashion house Gianni Versace for .1 billion, as the American designer looks to add more upscale brands to its offerings.
Following a day of rumors, today it’s official: Michael Kors Holdings Limited has bought Versace, the Italian luxury goods house founded by the late Gianni Versace in 1978 and now creatively. Michael Kors has bought Versace for .1 billion as the American fashion brand moves closer to its goal of becoming a luxury fashion conglomerate to rival Kering and LVMH, and renames itself Capri Holdings to reflect its portfolio approach. Michael Kors Holdings is adding Versace to its stable of brands and renaming itself Capri Holdings to better reflect its growing empire. The .1 billion, or 1.8 billion euro, deal was hotly. Yesterday, the rumour mill began to lift its creaky sails with whispers that Michael Kors was set to purchase Versace. Now, it’s official. Michael Kors Holdings Limited has confirmed this morning they acquired the Versace brand in a deal worth .1 billion dollars.
NEW YORK, United States — American conglomerate-in-the-making Michael Kors is buying Italian fashion house Versace for a value of approximately .12 billion, including debt, the company announced on Tuesday. That's 2.5 times the brand's current revenue, and 22 times its EBITDA (earnings before interest, taxes, depreciation and amortisation). The fashion group, which includes high-end shoe and accessories brand Jimmy Choo, revealed it was buying Versace for .1 billion, or 1.8 billion euro, in September.Michael Kors has agreed to buy the Italian fashion house Versace in a .12 billion deal. As part of the deal, Michael Kors is changing its name to Capri Holdings. This is how Michael Kors Holdings’ chairman and chief executive officer John Idol described Donatella Versace shortly after reaching a .1 billion deal to buy her family’s .
From January 2, it will trade under the new stock market ticker CPRI. Michael Kors bought Versace for .1 billion in September 2018 as part of its action plan to become a luxury fashion conglomerate to rival Kering and LVMH. Michael Kors (KORS) has agreed to take over Italian fashion house Gianni Versace for .1 billion, as the American designer looks to add more upscale brands to its offerings.
Following a day of rumors, today it’s official: Michael Kors Holdings Limited has bought Versace, the Italian luxury goods house founded by the late Gianni Versace in 1978 and now creatively. Michael Kors has bought Versace for .1 billion as the American fashion brand moves closer to its goal of becoming a luxury fashion conglomerate to rival Kering and LVMH, and renames itself Capri Holdings to reflect its portfolio approach. Michael Kors Holdings is adding Versace to its stable of brands and renaming itself Capri Holdings to better reflect its growing empire. The .1 billion, or 1.8 billion euro, deal was hotly.
Yesterday, the rumour mill began to lift its creaky sails with whispers that Michael Kors was set to purchase Versace. Now, it’s official. Michael Kors Holdings Limited has confirmed this morning they acquired the Versace brand in a deal worth .1 billion dollars. NEW YORK, United States — American conglomerate-in-the-making Michael Kors is buying Italian fashion house Versace for a value of approximately .12 billion, including debt, the company announced on Tuesday. That's 2.5 times the brand's current revenue, and 22 times its EBITDA (earnings before interest, taxes, depreciation and amortisation). The fashion group, which includes high-end shoe and accessories brand Jimmy Choo, revealed it was buying Versace for .1 billion, or 1.8 billion euro, in September.
Michael Kors has agreed to buy the Italian fashion house Versace in a .12 billion deal. As part of the deal, Michael Kors is changing its name to Capri Holdings.
This is how Michael Kors Holdings’ chairman and chief executive officer John Idol described Donatella Versace shortly after reaching a .1 billion deal to buy her family’s .
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