According to reports, Michael Kors has bought the Italian luxury house Versace.
Business of Fashion learnt that Michael Kors Holding Ltd – which will be renamed Capri Holdings Limited – have valued the deal at $2.21 billion and that the Versace family will continue to play a role within the brands future. The deal will see an extra 100 stores, a new e-commerce strategy and expansion of accessories for both men and women.
No statements have been released from either sides but it is known that Michael Kors is on the path to grow their luxury portfolio in a way that Paris-based conglomerates LVMH and Kering SA have done. Last year, they purchased Jimmy Choo and now Versace with sights on Coach owner Tapestry Inc to expand their US-based multi-brand empire.
They have a long way to go to reach the peaks of the Europe-based companies, but these are big steps towards becoming biggest US-based luxury conglomerate.