The agreement is final: Michael Kors takes over 100% of Gianni Versace
The die is drawn, and it must not have been a quick hand, although the news caught everyone off guard in the fashion world.
In fact, Michael Kors took over 100% of one of the best-known Italian fashion houses: Versace, acquired for a total enterprise value of 1.83 billion euros, or about 2.12 billion dollars.
In the transaction for the purchase of the company the Versace family will receive € 150 million of the purchase price in shares of Capri Holdings Limited, the new name that will be adopted by Michael Kors Holdings Limited at the closing of the acquisition.
Name, explains the American company, inspired «to the legendary island that has long been recognized as an iconic destination, glamor and luxury».
«Santo, Allegra and I are aware that this next step will allow Versace to reach its full potential – Donatella Versace has come through – We are all very excited to join the group led by John Idol, whom I have always admired as a visionary leader but also strong and passionate. We believe that being part of this group is essential for the long-term success of Versace “.
The acquisition of Versace is “a milestone” for the Group and “we believe that the strength of the Michael Kors and Jimmy Choo brands” in addition to the entry of Versace puts us in a position to have years of growth in turnover and profits “. This was stated by John D.Idol, president and CEO of Michael Kors.
The management of Versace will therefore continue to be guided by CEO Jonathan Akeroyd, who was an instrumental partner of Donatella in promoting the growth and success of Versace worldwide “, added Idol.