By guest author Marjorie van Elven from Fashion United
Michael Kors Limited has completed its change of name to Capri Holdings Limited. From January 2, its ticker symbol at the New York Stock Exchange will be CPRI. Fashion’s new luxury conglomerate, which includes footwear label Jimmy Choo, has also announced it has completed the acquisition of Italian fashion house Versace. The 2 billion US dollar deal was announced in September.
“With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world”, said John Idol, Chairman and Chief Executive Officer of Capri Holdings Limited, in a statement, adding that the company expects the acquisition to grow the group’s revenues to 8 billion US dollars in the long-term, 2 billion of which would come from Versace. “Versace has long been recognized as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style”, explained Idol. Michael Kors would remain the group’s biggest brand, accounting for 5 billion in revenues, while Jimmy Choo is forecasted to reach 1 billion.
Capri Holdings has also emphasized its aim to diversify geographic revenues once more, especially in Asia — the company intends for its revenues from Asia to go from 11 to 19 %.