Global fashion luxury group Michael Kors Holdings has unveiled its new name, Capri Holdings, and announced the acquisition of the outstanding shares of Italian luxury fashion house Versace for a total enterprise value of Euro 1.83 billion or approximately $2.12 billion. The new name, to be adopted by Michael Kors Holdings Limited upon the closing of the acquisition, is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination.

John D. Idol, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, comments, 'The acquisition of Versace is an important milestone for our group... With the full resources of our group, we believe that Versace will grow to over US$2.0 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.'

Donatella Versace comments, 'It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture... Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.'

Jonathan Akeroyd, Chief Executive Officer of Versace, comments, 'Since I joined Versace over two years ago, our focus has been on leveraging the company’s heritage and strong brand recognition worldwide... I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.'

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