Michael Kors Acquires Versace, Gets New Name

Michael Kors Holdings Limited recently announced that it will acquire Italian fashion house Versace for a price tag north of $2.0 billion. The move follows Kors’ acquisition of shoe brand Jimmy Choo in 2017.

The deal is expected to close by the end of the year, at which time Michael Kors Holdings Limited will adopt Capri Holdings Limited as its new name. The name “is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination,” and the change reflects the public company’s move beyond a single-brand focus after the acquisition of Jimmy Choo and Versace.

Investors don’t seem as keen on the idea as the company. In the four weeks since the announcement was originally made, Kors’ stock price fell from $72.69 per share immediately preceding the announcement to $58.23 at the closing bell on Monday.

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