Michael Kors Now Owns Italian Fashion House Versace
The multinational fashion giant Michael Kors now owns the popular Italian fashion house Versace. The deal of the acquisition was worth $2.1 billion. With this deal, the value of Versace has reached $2 billion.
This acquisition has brought the American luxury company closer to its goal of becoming an international house of fashion brands. The company plans to Versace’s sales to $2 billion annually which is more than double the current level. Along with this, it may also expand the number of stores globally to 300 from about 200 and also boost up the e-commerce development.
“The acquisition of Versace is an important milestone for our group,” Michael Kors Chief Executive Officer John Idol stated. “We are committed to investing in its growth.”
This particular deal has caused some distres...