[ad_1]
MILAN (Reuters) – The fashion house Versace has received no offers from Italian investors before selling to Michael Kors (KORS.NBut the contract with the US fashion group will create jobs in Italy, said Wednesday the Creative Director, Donatella Versace.
The Versace banner is visible on the Duomo Cathedral in Milan, Italy, on September 25, 2018. REUTERS / Stefano Rellandini
"Last year, Versace was approached by many people. French, American … but not Italians. It was not us who refused to participate in an Italian group, "said Donatella, sister of Versace's founder, Gianni, at Corriere della Sera.
She added that the agreement showed how much Italian brands were desirable for foreign investors, expressing in similar interviews with the daily La Repubblica and the financial newspaper Il Sole 24 Ore, and rejecting critics on the sale to foreigners.
Michael Kors agreed Tuesday to buy the luxury label for 1.83 billion euros, including debt, in order to allow the Kors group to attack larger European competitors and boost sales and profits of Versace.
During the talks, Donatella Versace said that as a result of the agreement, the company would employ more people in Italy.
"We will create new jobs and stimulate economic development in the territories where we work," she told Il Sole 24 Ore.
As part of this transaction, Michael Kors Holding Ltd will be renamed Capri Holdings Ltd and the Versace family, which owns 80% of the fashion house, will receive 150 million euros from the purchase price in shares of the new holding company.
"It's an important part," said Donatella, without giving details. The newspapers estimated that the share would be between 1.5% and 2%.
"Be prepared, Versace will now be more powerful than ever," said Donatella.
Reportage by Giulia Segreti; Editing by Mark Potter
Source link
