Michael Kors has agreed to acquire Versace for approximately $2.12 billion. The company will rename itself Capri Holdings Limited following the closing of the transaction in order to represent the three brands in its portfolio, including Jimmy Choo.
The Versace family will become shareholders of Capri Holdings. Donatella Versace will continue to lead the creative direction of the company, and CEO Jonathan Akeroyd will continue in his current role. Additionally, Michael Kors has set several goals for Versace:
- Grow the brand to $2 billion in revenues globally;
- Increase its global retail footprint from approximately 200 to 300 stores;
- Accelerate e-Commerce and omnichannel development; and
- Expand men’s and…