Capri Holdings, the newly renamed Michael Kors Holdings, has confirmed acquiring Gianni Versace for a total value of 1.83 billion euros (approximately 2.12 billion US dollars) and promises long term growth of the brand.
American company, Capri Holdings, which also includes Michael Kors and Jimmy Choo, outlined now adds Versace to its list. Versace, long recognized as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style and the new owners are going to build upon brand’s luxury runway momentumto by enhancing its “powerful and iconic” marketing, increase its global retail footprint from 200 stores to 300, accelerating e-commerce and omni-channel development among other steps.
The acquisition of Versace is an important milestone for Michael Kors. “Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision.”
Donatella Versace expresses that its is a very exciting moment for Versace. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”
Santo, Allegra and Donatella will become shareholders in Capri Holdings Limited Versace’s management team will continue to be led by Chief Executive Officer, Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide