Skip to main content

The Rumors Are True: Michael Kors Has Officially Acquired Versace For $2.1 Billion

It's official. After a day of rumors hinting at the news, Michael Kors officially announced on Tuesday that the company has reached a deal to acquire luxury Italian fashion house Gianni Versace for $2.1 billion. The company also announced plans to subsequently change its name to Capri Holdings following the acquisition.

"We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth," Michael Kors chairman and CEO John Idol said in a press release. "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."

Kors announced that the company has plans to grow Versace to $2 billion in revenue globally and to expand its "retail footprint" from 200 stores to 300 stores while also increasing online sales. The Versace family will also become shareholders of Capri Holdings while Donatella Versace herself works closely with Idol for the next chapter of the brand's development.

Related:
Emily Ratajkowski Turned the Streets of Milan Into Her Own Runway Wearing This Minidress


from POPSUGAR Fashion https://ift.tt/2Q7xStm

Popular posts from this blog

I Tried the Viral One-Leg Jeans, and I Got Plenty of Stares

If you're into fashion and an avid TikTok scroller, you've probably come across the viral and somewhat controversial Coperni one-leg jeans . People who got their hands on them are asking followers how they should style them - and even whether or not they should keep them. Those who are still on a waitlist or are simply curious about the trend are going so far as to DIY the jeans by taking a scissor to one leg of an old pair. I, on the other hand, dared to step into the Romeo Hunte Black One Leg Pant ($232, originally $725), an alternative take on the same silhouette that's even more eye-catching (which, how is that possible?). These jeans were, without a doubt, one of the most polarizing looks I've ever worn - and I've tried some pretty divisive clothing, from Skims butt-enhancing shapewear to the brand's famous push-up nipple bra , and many a sheer naked dress . After wearing the jeans around town to run errands and obviously attracting some attention (st...
Read more

Oh, to Be Pedro Pascal's Sparkly Cardigan

Never have we been more envious of an inanimate object than when Pedro Pascal stepped out in a sparkly cardigan this week. As soon as we saw him walking the streets of London wearing the glittery knit, we longed to swap places with it - to be enrobing the heartthrob, catching the attention of random passersby, sparking internet discourse, and ultimately taking responsibility for his style breakout. Pascal has been serving look after look while promoting " The Last of Us " season one and "The Mandalorian" season three this year, working with stylists Julie Ragolia and Fabio Immediato . His latest came on Feb. 23 when he arrived to a radio interview wearing the shiny cardigan in question: a long button-down sweater made of silver foil yarn and created by menswear label 4SDesigns. He layered it over a sheer brown tank top and finished the look with black pants, leather boots, and his usual chunky-framed glasses. Just one day prior, the actor stopped by a photo call...
Read more