How much did Michael Kors buy Versace for?

How much did Michael Kors buy Versace for?

Michael Kors is buying Italian fashion brand Versace for $2.12 billion. Here, Donatella Versace, artistic director of the company her brother founded, is flanked by Versace CEO Jonathan Akeroyd and Michael Kors Chairman and CEO John D.

Why did Michael Kors buy Versace?

LONDON — Michael Kors said on Tuesday that it would buy Versace, the Italian fashion house, for $2.1 billion in a bid to challenge Europe's conglomerates at a time of rapid consolidation in the global luxury market.

Does Michael Kors own Versace?

Michael Kors has a new name, Capri, and now owns both Versace and Jimmy Choo. ... Gianni Versace founded Versace in 1978. The family-run business was thrown into chaos with Versace's murder 21 years ago. His sister, Donatella Versace, will continue with the company, holding the position of creative director.

Did Kors buy Versace?

Michael Kors to buy Versace for $2.1 billion and change its name to Capri Holdings. The handbag maker is acquiring Gianni Versace for $2.1 billion, including debt, providing Kors an entry into the exclusive high-end European luxury market.

Is Versace more expensive than Michael Kors?

An American company taking over the Italian luxury fashion designer, critics argued, would be the death of the brand. Most Versace bags cost more than $2,000, while you can buy a Michael Kors handbag at Macy's for less than $100. "Don't let MKors buy any % of Versace.

Is Michael Kors a billionaire?

Kors reached billionaire status in 2014, but most recent estimates put him closer to a net worth of $600 million today. The Michael Kors Holding Company made headlines in 2018 when it announced the purchase of Versace and changed its name to Capri Holdings.

Is Versus Versace a luxury brand?

Versus (Versace) was a diffusion line of Italian luxury fashion house Versace. ... In 2018, Versace integrated Versus with another diffusion line of the brand - Versace Jeans, forming Versace Jeans Couture, which currently operates as the company's only diffusion line.

Is Versace a high end brand?

Versace is considered a luxury brand, as it ticks several of the boxes required to be classified as such. It's relatively exclusive, expensive, and favored by the world's elite. Versace's products can be remarkably pricey, and they're well known for their high-quality production.

How much did Michael Kors buy Jimmy Choo?

The geographic diversity of shoe designer Jimmy Choo locations was among the selling points for Michael Kors. Luxury fashion brand Michael Kors says it has reached a nearly $1.2 billion deal to acquire footwear and accessories brand Jimmy Choo.

Did Michael Kors buy Jimmy Choo?

Michael Kors Holdings acquired Jimmy Choo last year, setting itself apart from other fashion conglomerates that tend to grow in scale and revenue strictly via licenses, diffusion lines, and the acquisition of more mass-market labels.

What's the deal between Michael Kors and Versace?

• “We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.” The company said it would increase the number of Versace shops from 2, and would increase the share of revenue raised from accessories and footwear from 35% to 60%.

Who are the owners of the Versace company?

• The company is owned by brothers Alain and Gérard Wertheimer, grandsons of Pierre Wertheimer an early business partner of Gabrielle Bonheur “Coco” Chanel. Versace chief executive Jonathan Akeroyd, Donatella Versace and Michael Kors chief executive John D Idol. Photograph: Rahi Rezvani/Michael Kors Holdin/PA

Why are shares of Michael Kors up today?

• You look at shares of Michael Kors, they're up ever so slightly. Versace was a private business. It looks like, based on the evidence that we have so far, Michael Kors at least is not being viewed as having overpaid for this luxury brand. Bill Barker: But they were hit yesterday.

What did Michael Kors buy Jimmy Choo for?

• Michael Kors, which last year bought London shoemaker Jimmy Choo for almost £900m, confirmed on Tuesday that it had bought Versace and would fold all three brands into a new company called Capri Holdings – named after the favourite holiday island of wealthy fashionistas.