Michael Kors will acquire Gianni Versace for $2.12 billion (1.83 billion Euro). Michael Kors Holdings Limited will change its name to Capri Holdings Limited with this acquisition.
“The acquisition of Versace is an important milestone for our group,” said John Idol, Chairman and CEO of Michael Kors in a press release. “We’re excited to have Versace as part of our family of luxury brands and we’re committed to investing in its growth.”
Idol said with the full resources of the group, they believe that Versace will grow to over $2 billion in revenues.
“We believe that the strength of the Michael…