Michael Kors has agreed to buy the Italian designer Versace in a deal that has an enterprise value of 1.83 billion euros ($2.12 billion). The global fashion luxury group also announced it will change its name to Capri Holdings.
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Michael Kors agrees to buy Versace (KORS)
Michael Kors has agreed to buy the Italian designer Versace in a deal that has an enterprise value of 1.83 billion euros ($2.12 billion).
Models present a creation from Versace Autumn/Winter 2014 collection during Milan Fashion Week February 21, 2014.
"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
"With the full resources of our group, we believe that Versace will grow to over US$2.0 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."
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