Michael Kors buys Versace for $2.1 billion

Michael Kors and Versace are two brands which were able to make big in the market. It’s official that Michael Kors now owns Versace and the new corporate name will be Capri holdings to connect with people on a larger scale. The company which already owns Jimmy Choo have now paid $2.1 billion to get this Italian brand under their wings.

This diverse portfolio of brands are coming forward after last year Coach changed its name to Tapestry. John Idol the company’s chairman and chief executive officer told “ the acquisition of Versace is an important milestone for our group. For over 40 years Versace has represented the epitome of Italian luxury fashion.” He also explained with full resources now the brand will make over $2.0 billion in revenues. Source Women’s wear daily.

Donatella Versace, who will still remain onboard to grow family’s business said “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra... Versace is not 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 recognized that this next step will allow Versace reach it’s full.”