If you’re a fashion enthusiast, you might have heard the news about Capri Holdings acquiring Versace. But is it true?
Does Capri Holdings really own Versace? Let’s find out.
What is Capri Holdings?
Capri Holdings is a luxury fashion holding company that owns various high-end fashion brands such as Michael Kors, Jimmy Choo, and now, Versace.
What Happened?
In September 2018, Capri Holdings announced that it had acquired Versace for $2.12 billion. The acquisition was completed in December 2018, making Versace a subsidiary of Capri Holdings.
Why Did Capri Holdings Acquire Versace?
Capri Holdings’ acquisition of Versace was part of its strategy to become a leading global fashion luxury group. With the addition of Versace to its portfolio, Capri Holdings’ aim was to create a more diverse and balanced brand portfolio, with Michael Kors catering to the entry-level luxury market and Jimmy Choo and Versace catering to the higher end of the luxury market.
What Does This Mean for Versace?
As a subsidiary of Capri Holdings, Versace has access to greater resources, including financial support and operational expertise. This means that the brand can expand its reach globally and invest in new product categories and markets.
Conclusion
In conclusion, yes, it’s true that Capri Holdings owns Versace. The acquisition was completed in December 2018 for $2. As part of Capri Holding’s strategy to become a leading global fashion luxury group, acquiring Versace allows the company to create a more diverse brand portfolio with greater resources available for growth and expansion.
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