US appearance characterization Michael Kors has agreed to buy Versace in a accord account the admired artist at $2.2 billion, the companies said on Tuesday, authoritative it the latest Italian cast to abatement into adopted hands.
Michael Kors, whose namesake characterization is best accepted for its covering handbags, has fabricated no abstruse of its appetite to abound its portfolio of high-end brands afterwards affairs British stiletto-heel maker Jimmy Choo for $1.2 billion aftermost year.
Versace, accepted for its adventurous and alluring designs and its Medusa arch logo, was one of a clamp of family-owned Italian brands cited as adorable targets at a time aback the affluence industry is benumbed aerial on able appeal from China.
“We accept that the backbone of the Michael Kors and Jimmy Choo brands, and the accretion of Versace, position us to bear assorted years of acquirement and balance growth,” said John Idol, administrator and CEO of Michael Kors.
As allotment of the deal, Michael Kors agreed to buy all of Versace’s outstanding shares for a absolute action amount of 1.83 billion euros ($2.2 billion), to be adjourned in cash, debt and shares in Michael Kors Captivation Ltd., which will be renamed Capri Holdings Ltd.
US clandestine disinterestedness aing Blackstone, which bought 20 percent of Versace aback in 2014, will absolutely avenue its investment.
The Versace family,
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