GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Fashion and Lifestyle

 
  Share
January 03, 2019:    Capri Holdings Limited, a global fashion luxury group, announced today that it has changed its name from Michael Kors Holdings Limited (NYSE: KORS), and beginning on January 2, 2019, its New York Stock Exchange ticker symbol will be CPRI. The company is also pleased to announce that it has completed its acquisition of Versace.
 
John D. Idol, Chairman and Chief Executive Officer 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.”
 
Mr. Idol continued, “Versace has long been recognized as one of the world's leading fashion luxury houses, and is synonymous with Italian glamour and style. We are thrilled that the house of Versace is now part of the Capri Holdings family of luxury brands. We look forward to working with Chief Creative Officer Donatella Versace, Chief Executive Officer Jonathan Akeroyd, and their incredibly talented team to continue to drive Versace's growth and success globally.”
 
Strategic Rationale
 
The acquisition of Versace is expected to deliver a number of benefits for Capri Holdings, including:
 
  • Expand global group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation
  • Opportunity to help grow the group's revenues to US$8.0 billion in the long-term
    • Grow Versace to US$2.0 billion in revenues
    • Grow Jimmy Choo to US$1.0 billion in revenues
    • Grow Michael Kors to US$5.0 billion in revenues
  • Diversify geographic revenues, increasing exposure to growing Asia region:
    • 66% Americas to 57% Americas
    • 23% Europe to 24% Europe
    • 11% Asia to 19% Asia
  • Potential to create long-term operational synergies
Transaction Details
 
As previously announced, Capri Holdings acquired Versace for a total enterprise value of Euro 1.83 billion (or approximately US$2.12 billion on the date of announcement). The cash portion of the purchase price was funded by a combination of cash on hand, drawings under its revolving credit facility, and bank term loans. Concurrently with the closing, the Versace family reinvested an aggregate of Euro 150 million of the cash received for their interests in Versace in exchange for 2,395,170 ordinary shares of Capri Holdings.



Posted by : GoDubai Editorial Team
Viewed 13719 times
Posted on : Thursday, January 3, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Michael Kors Unveils Spring 2019 Michael Kors Collection Ad Campaign
Next Story : Max Fashion Steps Up Its Style Game with the Launch of New Apparel Collection
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Flaunt your gravity-defying hairstyles to become the face of our brand
Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment B...
Hask's Winter Care for Your Hair
Celebrate Valentine's Day with GUESS
New Lamborghini Huracán EVO: elevation of technologies for amplified drivin...
Start the Year with some TLC and enjoy the fantastic offers at The SPA at Steige...
Rolls-Royce Motor Cars Achieves Historic Business Record
Trend Alert: Stay Timeless and Classy With a D1 Milano Timepiece
Tissot Chemin des Tourelles
Nokia 8 Sirocco blends premium craftsmanship and latest innovation with Android™...
Gharib Lands Al Shira'aa Double As One-Star Event Comes To A Close
LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keynote
Continental Commissions First Driverless Tyre Test Vehicle
19 reasons to fly with British Airways in 2019
Hankook 24 Hours of Dubai kicks off the 2019 season for Audi
Celebrate the Month of Love with a Brighter Smile at The Smile Bar
Global Village presents Scheherazade, a timeless tale of intrigue and adventure
HP Opens CES 2019 with Stunning Displays, PCs and Security Innovations
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel t...
Longchamp Spring/summer 2019 Show
Eberhard & Co. Main Sponsor of Winter Marathon 2019
Introducing Burberry Bespoke Fragrances
Turkish Airlines reached the 80.2% Load Factor in December 2018.
Always take the front row with this 7.2” supersized smartphone screen
Samsung Smart TVs to Launch iTunes Movies & TV Shows and Support AirPlay 2 Begin...
Epson to participate at SGI 2019 for the 10th year highlighting high value solut...
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale
Bring out the Chef in your little ones at 800 Degrees Pizzeria
Shane Breen Wins Grand Prix Qualifier at Al Shira'aa International Horse Show fo...
Young Al Owais Ends Al Shira'aa One Star With Victory
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano
Dubai Festival City Mall's Festival Bay transformed with a new, larger-than-lif...
Smart City Services at Silicon Park Reach Advanced Level of Completion
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift
Making many tones from one
Cadillac announces Middle East arrival of the 2019 ATS model
Tag Heuer Demonstrates Watchmaking Mastery With Its New Carrera Calibre Heuer 02...
Beef Sushi- Love at first bite
Canadian University Dubai (CUD) launches degree program in Climate Change in par...
Union Coop Among the ‘Elite' Sponsors of The FAZZA Championships for People of D...
ADEK's Winter Activities Program in Abu Dhabi hailed a resounding success
Premier Motors in collaboration with ADNOC Distribution provides
Dubai Tourism Releases AED250 Million in Bank Guarantees of Tourism Companies to...
Bollywood Actor Anil Kapoor to inaugurate 2 new outlets of Malabar Gold & Diamon...
Flying Grand Regulator now available in new colour combinations
The Preston watch collection by Coach
S@TIS' traceability software packages to feature at Arab Health 2019
The Commemorative Silver Coin
Joyalukkas Shopper wins BMW Car in DSF Mega Promotion
Citi UAE opens Citigold lounge in Abu Dhabi.