US fashion group Michael Kors on Tuesday 25th, officialized buying Italian luxury clothing, accessories and perfumes brand Versace, for € 1.83 billion ($ 2.2 billion), including debt and equities. The new company will be renamed Capri Holdings, the first American luxury group. The agreement is expected to close in the fourth fiscal quarter.
The goal of Michael Kors, whose brand is known for its leather handbags and perfumes, seeks in recent years to expand its portfolio of high quality brands. Last year bought the British company of luxury shoes and fragrances Jimmy Choo for $ 1.2 billion.
The bet on Versace comes as the North American group seeks to update the image of the North American brand and recover part of its pricing power. The combination also aims to revitalize Versace, which returned to net profit last year.