Versace’s acquisition is now official, a transaction that includes the formation of Capri Holdings, the new umbrella name for a company that includes Kors and Jimmy Choo.
In a press release CEO John Idol stated, “With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world. The new name for our group, Capri Holdings, 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.”
Donatella Versace will stay on as brand creative director of Versace while Michael Kors will continue in the same role at Kors.
Starting on January 3, 2018, the company will trade on the U.S. stock exchange under the ticker CPRI. Like many companies, CPRI’s price was undercut by macro-economic trends that set up the worst year in stocks since the 2008 recession.
In September 2018, the fashion and finance world was taken aback by the Kors Holding Ltd.’s announcement it had purchased the famed Italian luxury label for $2.1 billion. The acquisition followed the company’s purchase of Jimmy Choo in 2017.
While KORS stocks opened on a positive note on the last day of trading in 2018, the price on the ticker is down 40 percent versus last year.
