The owner of Micheal Kors, American fashion designer, Micheal David Kors, has recently acquired the luxury fashion brand, Versace for around $2.1 Billion including the debts of the company.
This was made known in a statement released by Micheal Kor’s CEO, John D. Idol
The statement reads;
“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.
With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues.
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,” Idol said.
The Creative director of Versace, Donatella Versace and her brother Santo and Daughter Allegra will still stay on as shareholders in the company.
Versace’s management team will continue to be led by its CEO, Jonathan Akeroyd.
Michael David Kors plans to grow Versace to $2 billion in revenue globally and increase its retail footprint from about 200 to 300 stores.