The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
Michael Kors Buys Versace in $2B Deal
The company will change its name to Capri Holdings Ltd. after acquiring the Italian fashion house.
London—Michael Kors Holdings Ltd. has reached an agreement to acquire Versace in a deal valued at $2.12 billion, the companies announced Tuesday.
Michael Kors is a New York-based publicly traded company that sells clothing, accessories, footwear, wearable tech, watches, jewelry, eyewear and perfume. The company just launched a line of sterling silver jewelry priced at $60 to $495 retail.
Michael Kors Holdings also owns luxury shoe brand Jimmy Choo.
Based in Milan, Gianni Versace S.p.A. is a 40-year-old Italian luxury label that designs, manufactures and distributes haute couture and prèt-à-porter clothing as well as accessories, jewelry, watches, eyewear, fragrances, and home furnishings, all bearing the distinctive Medusa logo.
The late Gianni Versace founded the company in 1978 and headed it until his death in 1997. Today it is run by his sister, Donatella Versace, his brother, Santo Versace, and Donatella’s daughter, Allegro Versace Beck.
The companies said Donatella Versace will remain on board as design director following the acquisition, as will Versace CEO Jonathan Akeroyd.
The transaction is expected to close in the company’s fiscal fourth quarter, subject to specific closing conditions.
Following completion of the Versace acquisition, Michael Kors Holdings Ltd. will become Capri Holdings Ltd., and own and operate three fashion brands: Michael Kors, Versace and Jimmy Choo. The name is a nod to the resort island of Capri, located off the coast of Italy.
The acquisition of Versace means the end of the independence of one of fashion’s last standalone brands, and is the second major acquisition in little more than a year for Michael Kors, which announced it was buying Jimmy Choo for $1.2 billion in July 2017.
Michael Kors said it intends to grow Versace’s revenues to $2 billion globally, expand its store count from 200 to 300, accelerate ominchannel, and focus on men’s and women’s accessories and footwear.
Acquiring Versace also will help the company grow its presence in Asian markets while cutting back on exposure in the Americas.
Michael Kors said in the release announcing the acquisition that purchasing Versace would “diversify our geographic portfolio from 66 percent Americas to 57 percent Americas, 23 percent Europe to 24 percent Europe and 11 percent Asia to 19 percent Asia.”
The Latest
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Despite the rising prices, consumers continue to seek out the precious metal.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.