Did Kors Buy Versace?

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In a surprising move, Michael Kors Holdings Limited announced on September 25, 2018, that it had acquired the Italian fashion house, Versace.

The news of the acquisition has been met with mixed reactions from fashion enthusiasts and industry insiders alike. While some believe that this is a strategic move by Michael Kors to expand its luxury brand portfolio, others are skeptical about the compatibility of the two brands.

The Deal

Michael Kors acquired Versace for a reported $2.12 billion. The deal included the purchase of all outstanding shares of the company and the assumption of all outstanding debt.

The acquisition was funded through a combination of cash and debt financing. Michael Kors said that it would change its name to Capri Holdings Limited following the completion of the deal.

Why Did Michael Kors Buy Versace?

Michael Kors has been trying to expand its luxury brand portfolio for quite some time now. The company had previously acquired Jimmy Choo for $1.2 billion in July 2017.

With this acquisition, Michael Kors is hoping to strengthen its position in the luxury fashion market and compete with other major players such as Louis Vuitton, Gucci, and Prada.

Versace is known for its bold designs and high-end fashion products. The brand has a loyal following among celebrities and fashion enthusiasts alike. By acquiring Versace, Michael Kors is hoping to tap into this customer base and expand its reach in the global market.

The Future of Versace

Many people are wondering what changes will be made to Versace under Michael Kors’ ownership. Some fear that the brand’s unique identity will be lost in an attempt to make it more “mainstream.”

However, John Idol, CEO of Michael Kors Holdings Limited, has assured fans that there will be no major changes made to Versace’s creative direction or management team. He said that the brand will continue to operate independently and retain its unique identity.

Conclusion

The acquisition of Versace by Michael Kors is a significant move in the luxury fashion industry. While some are skeptical about the compatibility of the two brands, others believe that this is a strategic move by Michael Kors to expand its luxury brand portfolio.

Only time will tell what changes will be made to Versace under Michael Kors’ ownership. However, one thing is for sure – the fashion world will be watching closely to see how this deal plays out.

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