PHOTO: AFP
US fashion group Michael Kors has agreed to buy Versace in a deal valuing the revered designer at $2.12 billion, the companies said in a joint statement today, making it the latest Italian brand falling into foreign hands.
As part of the deal, Michael Kors agreed to buy all of Versace’s outstanding shares for a total enterprise value of $2.1 billion , to be funded in cash, debt and shares in Michael Kors Holding Ltd, which will be renamed Capri Holdings Ltd.
PHOTO: E! NEWSUS private equity firm Blackstone, which bought 20% of Versace back in 2014, will fully exit its investment. The Versace family, which currently owns 80% of the fashion house via a holding company called Givi, will receive $176 million of the purchase price in Capri shares.
The deal is expected to close in the fourth fiscal quarter, subject to regulatory approvals.
PHOTO: HOLLYWOOD REPORTERHave something to add to the story? Share in the comments below.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ