Luxury group Michael Kors Holdings has has changed its name to Capri Holdings Limited after completing its acquisition of Italian fashion house Versace.
Michael Kors Holdings announced plans to buy Versace for $2.1bn in September last year, and aims to increase Versace’s revenue to $2bn, grow its retail footprint from 200 to 300 stores, and expand its men’s and women’s accessories and footwear businesses.
“With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world,” says John Idol, chairman and chief executive officer of Capri Holdings.
“Versace has long been recognised as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style. We look forward to working with chief creative officer Donatella Versace, chief executive officer Jonathan Akeroyd, and their incredibly talented team to continue to drive Versace’s growth and success globally.”
Capri Holdings also owns the Jimmy Choo brand, and says the addition of Versace will help grow group revenues to US$8bn in the long-term. This will be split across Michael Kors (US$5.0bn), Versace (US$2.0bn) and Jimmy Choo (US$1.0bn).
Geographically, it expects to increase revenues in the growing Asia region from 11% to 19%; with reliance on the Americas slipping from 66% to 57%; and Europe edging up from 23% to 24% of the total.
Capri Holdings Limited will trade on the New York Stock Exchange under the ticker symbol CPRI.
Its brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and ready-to-wear as well as wearable technology, watches, jewellery, eyewear and fragrances.