Capri Holdings Limited, a global fashion luxury group, announced recently that it has changed its name from Michael Kors Holdings Limited (NYSE: KORS), in beginning on January 2, 2019.
After the acquisition of Versace in September 2018, Michael Kors Holding Limited (NYSE: KORS), has officially changed the name to Capri Holdings Limited (NYSE: CPRI).
Capri Holdings Limited (NYSE: CPRI) is the new name to be adopted by Michael Kors Holdings Limited upon the closing of the acquisition. The name is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination. The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands in our global fashion luxury group.
Michael Kors brought Italian luxury fashion house Gianni Versace S.p.A. for a total enterprise value of Euro 1.83 billion or approximately US$2.12 billion. Versace, long recognized as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style.
Under the guidance of the parent company, Versace will grow to US$2.0 billion in revenues globally, increase retail footprint from approx 200 to 300 stores and accelerate e-commerce and omnichannel development.
Capri Holdings will also expand men’s and women’s accessories and footwear for Versace from 35 per cent to 60 per cent of revenues.
The acquisition of Versace is expected to deliver a number of benefits for Capri Holding, including to expand the global luxury group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation and also help grow the group’s revenues to US$8.0 billion in the long-term.
The brands under Capri Holdings include Jimmy Choo, Versace, Michael Kors.