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 28405 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
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation...
Olay Eyes Hydra Gel
Maillon De Cartier Watch
LG Prioritizes Home Comfort With Latest Air Conditioners for GCC Market
6 Steps X 6 Products from Essence: The Shortcut that Perfects Skin - Now more th...
Kristina Fidelskaya A/W 2020 Collection “Dream”
Eid Gifts From The Body Shop
Ralph Lauren Expands Its Earth Polo Offering, Reinforces Commitment to Protectin...
Happy Eid with Parmigiani Fleurier Toric Fleur
Vatika Focuses on Making Quarantine a Quality Time With New Viral Campaign
Your at-Home Spa Guide With Skin Republic
Sony Middle East & Africa Launches New Compact 4K Handycam® Camcorder with Advan...
Dubai Sports Council Thanks Wise Leadership for Its Protection and Care of the C...
UAE Banks Among Top Performing in GCC, KPMG Report Finds
Dubai Customs: Strategic Plan to Curb Corona
Etihad Guest Rewards Members While Staying Home
Denim Culture
Etihad Holidays to Be Operated by Dnata Travel Group In the UK
Mohap Hails Family Doctors' Efforts in Countering Covid-19 Crisis
Pure Health Launches Covid-19 Field Laboratory at Sharjah Expo Centre
Celebrate Father's Day With Parmigiani Fleurier Tondagraph Slate
Lenovo's Tech Gift Guide
First Range Rover Made Under Social Distancing Measures Comes Off Jaguar Land R...
Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the ...
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfe...
Emirates Post Launches ‘Epostcard' to Connect Friends and Families
Instagram Partners with TBWA Raad and Egyptian Food Bank to #Stopfoodwaste
Covid-19 Disruption Will Lead to 28 Million Surgeries Cancelled Worldwide
Etihad Airways Increases Number and Frequency of Special Flights Worldwide
IATA Outlines Layered Approach for Industry Re-Start
Union Coop Launched ‘Drive Thru' Shopping Service
Ralph Lauren: How to master the art of tie-dye. #RLatHome
Abu Dhabi University Creates Face Shield Prototype to Support the Local Healthca...
MHPS Captures Global Gas Turbine Market Share Leadership Again
Dubai Chamber and Al Tamimi & Co discuss Covid-19 and Force Majeure in the UAE
Emirates Sets Industry-leading Safety Standard for Customers Travelling as It Re...
Keeping Mobile Networks Running Top Priority During COVID-19 Pandemic
Commodity Weekly: Gold and Silver Pop as Economic Clouds Darken
Jaguar Land Rover Special Vehicle Operations Reports Fiscal 2019/20 Retail Sale...
OMEGA Adds Full Gold Models to The Speedmaster 38 mm Collection
ENEC Completes Significant Test for Unit 4 at Barakah
SRTI Park Discusses Reality, Future of Research and Development in Arab Region
Introducing the Marks & Spencer Summer Edit
Jameel Institute at Imperial College London Launches New Tool to Help Hospitals ...
Arabian Automobiles Welcomes the All-New 2020 Nissan Sunny
Give the Gift of Time and Convenience This Eid With Lg Electronics
Abu Dhabi Early Childhood Authority: How to Help Your Children Thrive With Remot...
What Narcolepsy Is and How to Cope With It
UAE Develops a Rapid Coronavirus Laser Testing Technology
Twitter Launches ‘Heroes of Good' Campaign to Celebrate the Spirit of Ramadan