Date: 8 months ago   Category: Economy

The Michael Kors fashion house will buy Versace - RIA Novosti, 9/25/2018


MOSCOW, 25 Sep — RIA Novosti. The American fashion house Michael Kors has agreed about purchase of the Italian competitor of Gianni Versace S.p.A for 1,83 billion euros (2,12 billion dollars), it is said in the statement of the American компании.CC of BY 2.0/Daniel X. Buys O'Neil / Shoes from Jimmy Choo Michael Kors the producer of the Jimmy Chootakim footwear in the way, the company has confirmed the messages about the transaction which have appeared in media on Monday. After completion of the transaction which is expected in the fourth quarter of the current financial year (January-March, 2019) Michael Kors will replace the name with Capri Holdings Limited. Purchase will be financed at the expense of the available free money and the credits. Michael Kors considers that the transaction will give to the company the chance to increase revenue to 8 billion dollars in the long term. Besides, according to the American company, purchase of the Italian fashion house promotes expansion of geographical diversification of business and increase in presence in Europe and Asia. Michael Kors plans to increase the number of retail shops from 200 to 300 pieces worldwide. "With use of all resources of our group we consider that the revenue of Versace will exceed 2 billion dollars" — words of the chairman of the board of directors and chief executive officer of Michael Kors John Idol are cited in the message (John D. Idol). Gianni Versace S.p.A. — the Italian company founded in 1978 by the fashion designer Gianni Versace. Is engaged in production of fashionable clothes, perfumery, hours, goods for the house, accessories and other luxury goods. After Gianni's death in 1997 management of concern has passed to his younger sister Donatella.Michael Kors — the American fashion house developing clothes, footwear, bathing suits, accessories and perfumery under the brand. The company is founded in 2002. Shares are traded on the Nasdaq stock exchange.

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