Michael Kors‘ acquisition of Italian fashion icon Versace is complete: the two luxury companies will now be merged under the name Capri Holdings.
Formation of three rocks
Michael Kors Holdings includes the eponymous brand and Jimmy Choo, and announced its acquisition of Versace in September. The deal is now complete: the joint venture will be called Capri Holdings, inspired by the Italian island, which according to new CEO and chairman John Idol has since long been known as an iconic destination of glamour and luxury.
The fact that the island consists of a formation of three rocks that are over 200 million years old is symbolic and refers to the timeless heritage and the strong foundation of the three brands, all three of which were named after their founders and were managed by them.
Versace gets 300 new stores
After paying 1.8 billion euros to acquire Versace, the American holding now intends to bring new life to the Italian brand and believes it can lift the turnover above 2 billion dollars (1.7 billion euros). About a hundred new stores are planned: the group especially has its eye on Asia to achieve further growth for Versace.
In the long run, Capri even wants to open 200 to 300 new Versace stores. The idea is that the Italian fashion company will be selling more shoes and accessories. Currently those categories represent 35 % of the turnover, but the group intends to make that 60 %.
Donatella Versace remains in charge as Chief Creative Officer of the brand she took over twenty years ago from her deceased brother Gianni. Jonathan Akeroyd maintains his position as the brand’s CEO.
