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After a day of rumors, it's official: Michael Kors Holdings Ltd. bought Versace, the Italian luxury house founded by the late Gianni Versace in 1978 and run by his sister Donatella Versace for more than 2.12 billion dollars. Michael Kors Holding will be renamed Capri Holdings Limited with this acquisition.
"It's a very exciting moment for Versace," Donatella Versace said in a statement. "It's been more than 20 years since I took over the business with my brother Santo and my daughter Allegra. I am proud that Versace remains very strong in fashion and modern culture. Versace is not only synonymous with its iconic and incomparable style, but also inclusion and diversity, while allowing people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential.
The Versace family will retain a role in society, with Donatella, who has enjoyed a series of editorial and commercial successes since his Spring 2018 reissue collection, now apparently his position as a designer. (Jonathan Akeroyd, CEO of Versace, will continue to lead the Versace management team). In Versace, Capri acquires the brilliance of one of the few independent brands of fashion, and the most prestigious of all. Unlike its other pursuers, Capri's small business portfolio allows Versace to enjoy this unparalleled cachet.
John Idol, CEO and President of Capri Holdings Limited, said, "Donatella's iconic style is at the heart of Versace's design aesthetic. Shewill continue to lead the creative vision of society. I am delighted to have the opportunity to work with Donatella on the next chapter of growth for Versace.
The acquisition is the latest in a recent wave of industry consolidation that saw Ermenegildo Zegna buy Thom Browne and the Puig Group take a majority stake in Dries van Noten. With the purchase of Versace, Capri Holdings Limited expands its international profile by acquiring Jimmy Choo, the British accessory branch, for $ 1.2 billion last year. This is not yet a US counterpart to LVMH and Kering, but it can still happen there.
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