Michael Kors to buy Versace for EUR 1.8 billion

Michael Kors has agreed to buy the Italian fashion house Versace in a deal that has a value of EUR 1.83 billion.

”With the full resources of our group, we believe that Versace will grow to over EUR 1.7 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth”, said Michael Kors officials

Alongside the announcement of the deal, Michael Kors announced that it was changing its name to Capri Holdings.

Michael Kors has been looking to bolster its group of luxury retailers against rivals such as Louis Vuitton and Tapestry, the parent of Coach and Kate Spade. Last year, Michael Kors bought luxury shoe brand Jimmy Choo for EUR 1 billion.

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