Michael Kors has acquired Versace in a deal worth over $2 billion USD.
Versace, recognized as one of the world’s leading luxury fashion companies, has been synonymous with Italian glamour and style for over 40 years.
Founded in 1978 and taken over by Donatella Versace 20 years ago, the iconic fashionista called this “a very exciting moment” for the brand.
“I am proud that Versace remains very strong in both fashion and modern culture,” she said in a statement. “This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”
John D Idol, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, said that the acquisition of Versace is an important milestone for their company.
The also acquired Jimmy Choo in the summer of 2017.
“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 Idol, who also added that Donatella Versace will continue to lead the company’s creative vision. “We are extremely fortunate to be able to acquire such an extraordinary brand with an incredibly talented team.”
With its recent acquisition, the Michael Kors team hopes to increase the global retail footprint of Versace, from approximately 200 to 300 stores.
“Since I joined Versace over two years ago, our focus has been on leveraging the company’s heritage and strong brand recognition worldwide, which has allowed us to experience significant growth in all regions,” said Jonathan Akeroyd, Chief Executive Officer of Versace. “Donatella’s unmatched vision has led to the continued and growing success of our brand. I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.”