Michael Kors to acquire Versace brand
01/10/2018
John Idol, chairman and chief executive of Michael Kors, said: “The acquisition of Versace is an important milestone for our group. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage. We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.”
For her part, Donatella Versace, artistic director and vice-president of her family’s brand, described the acquisition by Michael Kors as “a very exciting moment for Versace”. She added that this was the necessary next step for the brand to reach its full potential.
“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,” Ms Versace said. “We believe that being part of this group is essential to Versace’s long-term success.”
Michael Kors has announced a strategic plan for the long-term growth of Versace. It includes growing the brand’s revenue to $2 billion, increasing its retail footprint from around 200 stores to 300, and expanding the percentage of revenue that comes from men’s and women’s accessories and footwear from 35% to 60%.
Following the acquisition, the Michael Kors group is rebranding and will be known as Capri. The group also owns high-end shoe brand Jimmy Choo.
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