«Breaking News» Michael Kors bags Versace for $2.1 bn

Michael Kors is headquartered in London

Global fashion house Michael Kors said Tuesday it had agreed to buy Italian luxury giant Versace, adding a new layer to its offering after buying shoemaker Jimmy Choo last year.

Michael Kors, with roots in the United States but headquartered in London, has struck a deal to buy Versace for 1.83 billion euros ($2.1 billion), a statement said.

"We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth," said Michael Kors chief executive John D. Idol.

"With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues," he added.

"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."

Donatella Versace, artistic director and vice-president of the Italian group, said the takeover was "essential to Versace's long-term success".

She added in the statement: "We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader."

- Bags, watches and perfume -

Michael Kors, best known for its bags, watches and perfume, said it planned to grow the number of Versace stores worldwide by 50 percent to 300.

The deal is the latest push by Michael Kors into high-end luxury after it bought British shoemaker to the stars Jimmy Choo in 2017 for $1.4 billion.

It is seen also as positioning Michael Kors more fully as a competitor to Paris-based LVMH and Kering and the Swiss company Richemont among global heavyweights in luxury across various product lines, analysts said.

Versace was the brainchild of Gianni Versace, who was born in Calabria to a dressmaker mother and presented his first signature collection in 1978, with his brother Santo taking care of the label's business arm.

But the designer, whose bold designs were embraced by Madonna and other mega-celebrities, was the victim of a bizarre slaying in 1997 by luxury-obsessed male prostitute Andrew Cunanan in Miami.

Twenty percent of Versace, known for its Medusa head logo, was bought by US private equity group Blackstone in 2014, and the family owns the rest.

Versace chief executive Jonathan Akeroyd on Tuesday said that since joining the company two years ago, "focus has been on leveraging the company's heritage and strong brand recognition worldwide", in turn helping "to experience significant growth in all regions".

Launched in 1981, Michael Kors is named after its US founder.

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Michael Kors is headquartered in London

Global fashion house Michael Kors said Tuesday it had agreed to buy Italian luxury giant Versace, adding a new layer to its offering after buying shoemaker Jimmy Choo last year.
Michael Kors, with roots in the United States but headquartered in...

It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

Dianne Reeves Online news HienaLouca





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