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Capri, formerly Michael Kors, has revealed that its almost €2 billion acquisition of luxury fashion house, Versace, is officially concluded.
Global fashion luxury group, Capri, has revealed that its acquisition of Versace is complete. Said purchase was valued at €1.83 billion (approximately $2.12 billion) for total enterprise. The company also announced the change of its name, which was previously Michael Kors.
The cash portion was funded by a combination of cash on hand, drawings from its revolving credit facility, and bank term loans. The family has reinvested an aggregate of €150 million of the cash received for its interests in Versace, in exchange for 2,395,170 ordinary shares.
“Versace has long been considered one of the world’s leading fashion luxury houses, while synonymous with Italian glamour and style. We are thrilled that the house of Versace is now part of our family of luxury brands,” said John D. Idol, Chairman and CEO of Capri.
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