Michael Kors has completed the $2bn acquisition of Italian designer Versace.
Following the acquisition, Michael Kors Holdings has been renamed Capri Holdings and will trade on the New York Stock Exchange as CPRI.
John Idol, chairman and chief executive of Capri Holdings, said: “Versace has long been recognised as one of the world’s leading fashion luxury houses, and is synonymous with Italian glamour and style.
“We are thrilled that the house of Versace is now part of the Capri Holding’s family of luxury brands.
The acquisition is expected to help Michael Kors, which bought luxury shoe label Jimmy Choo for $900m in 2017, grow revenues to $8bn and increase its presence in Europe and Asia.
