Michael Kors renamed Capri Holdings after $2bn Versace acquisition

Michael Kors has completed the $2bn (£1.58bn) acquisition of Italian designer Versace, the US fashion brand confirmed today.

Following the acquisition, Michael Kors Holdings has been renamed Capri Holdings and will trade on the New York Stock Exchange as CPRI.

John Idol, chairman and chief executive of Capri Holdings, said: “Versace has long been recognised as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style.

“We are thrilled that the house of Versace is now part of the Capri Holding’s family of luxury brands.

“We look forward to working with chief creative officer Donatella Versace, chief executive officer Jonathan Akeroyd, and their incredibly talented team to continue to drive Versace’s growth and success globally.”

Donatella Versace, sister of the late founder Gianni, will become a shareholder in the new company along with her brother Santo Versace and daughter Allegra Versace.

The acquisition is expected to help Michael Kors, which bought luxury shoe label Jimmy Choo for $900m in 2017, grow revenues to $8bn and increase its presence in Europe and Asia.