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 >>

 
  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 27548 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
Chloé Launches The New Cloud-shaped “rosie” Sunglasses
Max Mara Resort 2020 Collection
BYS COSMETICS Now in UAE
Tissot Introduces Chrono XL 3x3 Street Basketball Special Collection
Saint Honore
VBQ-presskit-denim-70s Capsule
Introducing the Swim and Beachwear Summer Collection from Marks & Spencer
Hackket's Bags of Style
Ministry of State for FNC Affairs Launches Forum Titled ‘Political Empowerment i...
New Land Rover Defender Completes Tusk Testing to Support Lion Conservation in Kenya
Natural and gentle haircare essentials for your little ones from Fifi & Friends'
Eberhard & Co. Alfa Romeo Limited Edition
UAE and Oman bodies sign MoU to jointly promote Internal Auditing
Rado Captain Cook Automatic Limited Edition with travel case'
Jaguar Land Rover & Bmw Group Announce Collaboration for Next Generation Electri...
The Economic Times recognizes Malabar Gold & Diamonds as one of the Best Brands 2019
Kickstart your summer workout with Ibn Battuta Mall's free indoor family Fun Run
Vincitore Realty sells out 108 homes in the Dh375 million Benessere project in j...
OMEGA Rocket Engine - Introducing the Master Chronometer Calibre 3861
Sony World Photography Awards Reveals New Categories for 2020 and Latest Sony Gr...
Historic Opening of Coca-cola Arena Gets the Seal of Approval From Thousands of Fans
Britain's Greatest Test Driver, Norman Dewis Obe, Passes Away
The Gucci Runway Makeup Looks for Cruise 2020
Jennifer Lopez in Ralph Lauren
CEO of Etihad ESCO, Ali Al Jassim's Statement on World Environment Day 2019
Aston Martin Produces First Cars at St Athan
The SS19 Exclusive Edit From Etoile “La Boutique''
Certina DS PH200M collection'
ZAAM Launches a spin on their iconic Polyhedron bag
Empower launches summer campaign to reduce district cooling consumption for the ...
Electricity Most Searched Fuel Energy Term Online in UAE
Sharjah Chamber to Take Part in the 11th Edition of the World Chambers Congress ...
Backseat battles: kids driving their parents to distraction – and danger on the ...
Dubai Cares supports 3-year teacher training program in Ghana to boost early chi...
Dan Martin Returns to the Road to Lead UAE Team Emirates at the Criterium Du Dauphine
Dp World, UAE Region's Strategic Solutions Boost the Automotive Sector
Resolution: Airlines Urge Governments to Adhere to Global Slot Allocation Guidelines
Choose the perfect fragrance this Father's Day with Rasasi
Ibn Battuta Mall Eid Al Fitr Celebrations
Emirates NBD highlights commitment to preserving marine biodiversity on World Oc...
Constructsteel Conference to take place in the Middle East for the first time
BMW Group and Jaguar Land Rover announce collaboration for next-generation elect...
Musabih heads Dubai Customs delegation to WCO IT/TI Conference & Exhibition in A...
Long-term visa granted to Dr. Azad Moopen & wife
123 readers led Taraweeh prayers during the holy month of Ramadan
Turkish Airlines added Strasbourg to the list of its destinations in France
Team Abu Dhabi Looking Good in Double Title Chase
Lukoil Marine Lubricants strengthens its collaboration with KOTC
KLM Royal Dutch Airlines to Host 76th IATA AGM in Amsterdam
The Health & Hygiene Industry Rises in MBLM's 2019 Brand Intimacy Study and is t...