Michael Kors changes its name after Versace acquisition
03/01/2019
As indicated in September when it announced it had agreed to buy Versace, Michael Kors has now changed its name. From now on, the group will be known as Capri Holdings.
John Idol, chairman and CEO of Capri Holdings, said: “With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world. The new name for our group, Capri Holdings, is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination. The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands.”
Capri said the acquisition of Versace is expected to offer a number of benefits. Chief among these is that it will contribute to the group’s efforts to grow its overall revenue to $8 billion in the long-term.
It explained that to achieve this it hopes to grow Versace’s revenue to $2 billion and the revenue of high-end shoe brand Jimmy Choo, which it acquired at the end of 2017, to $1 billion. The Michael Kors brand, which will retain its name, will increase its revenue to $5 billion, its parent company hopes.
Share this story:
