KuwaitPR.com, Online Press Release from Kuwait
 
Apparels, Shoes and Eyewear(Fashion)
Filter PR by
  
Completes Acquisition of Versace
Completes Acquisition of Versace
January 03, 2019:    Capri Holdings Limited, a global fashion luxury group, announced today that it has changed its name from Michael Kors Holdings Limited (NYSE: KORS), and beginning on January 2, 2019, its New York Stock Exchange ticker symbol will be CPRI. The company is also pleased to announce that it has completed its acquisition of Versace.
 
John D. Idol, Chairman and Chief Executive Officer of Capri Holdings said, “With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world. The new name for our group, Capri Holdings, is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination. The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands.”
 
Mr. Idol continued, “Versace has long been recognized as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style. We are thrilled that the house of Versace is now part of the Capri Holdings family of luxury brands. 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.”
 
Strategic Rationale
 
The acquisition of Versace is expected to deliver a number of benefits for Capri Holdings, including:
 
  • Expand global group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation
  • Opportunity to help grow the group’s revenues to US$8.0 billion in the long-term
    • Grow Versace to US$2.0 billion in revenues
    • Grow Jimmy Choo to US$1.0 billion in revenues
    • Grow Michael Kors to US$5.0 billion in revenues
  • Diversify geographic revenues, increasing exposure to growing Asia region:
    • 66% Americas to 57% Americas
    • 23% Europe to 24% Europe
    • 11% Asia to 19% Asia
  • Potential to create long-term operational synergies
Transaction Details
 
As previously announced, Capri Holdings acquired Versace for a total enterprise value of Euro 1.83 billion (or approximately US$2.12 billion on the date of announcement). The cash portion of the purchase price was funded by a combination of cash on hand, drawings under its revolving credit facility, and bank term loans. Concurrently with the closing, the Versace family reinvested an aggregate of Euro 150 million of the cash received for their interests in Versace in exchange for 2,395,170 ordinary shares of Capri Holdings.

Posted by : Kuwait PR Network Editorial Team
Viewed 14976 times
PR Category : Fashion
Posted on : Thursday, January 3, 2019  3:12:00 PM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
An Amazing Collection for Ladies From Police [21197-Views]
212 VIP Extra Limited Edition [18520-Views]
Get closer- your makeup is invisible with Make Up For Ever's New Ultra HD Concealer [17540-Views]
Cole Haan Delivers True Performance Footwear With the Release of the Zerøgrand All-day Trainer [16962-Views]
A City by the Sea and the Desert: Diana Arno SS19 Collection [16929-Views]
Detox your scalp, detox your mind with new Head & Shoulders Charcoal [13505-Views]
Ralph Lauren offers the spring 2019 collection [13481-Views]
The RL50 Handbag: Introducing a New Icon [13251-Views]
SPRING 2019: MEET ‘CECE' [12197-Views]
Huawei Launches 5G Multi-mode Chipset and 5G CPE Pro [11406-Views]
Roberto Cavalli launches new Florence Amber [11287-Views]
Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, before moving its monum... [8942-Views]
The Fall 2019 Michael Kors Collection Runway Show [8471-Views]
Record Number of Innovations at the ISH: GROHE is Shaping the Future of Water [7704-Views]
GROHE Shapes the Future of Water with a record number of innovations at ISH 2019 [4858-Views]
Renault Al Babtain Brings its Fans Closer to Owning the Outstanding Renault Koleos in 2019 [1988-Views]
Renault Al Babtain Offers the Best Value for One of its Most Elegant and Stylish Models– The Renault... [1956-Views]
The Exceptional's Chefs Showcase Experience & Talent at HORECA 2019 [1837-Views]
Nissan Al Babtain Collaborates with KidZania Kuwait [1706-Views]
Nickelodeon's SpongeBob SquarePants Shows Arrive at Al Kout Mall [1681-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories