Michael Kors completes $2-billion Versace deal, changes name to Capri Holdings


Having adding a pair of high-end brands to its stable, Michael Kors is changing its name to Capri.

The company announced the acquisition of the Italian fashion house Versace for more than US$2-billion in September, less than two years after acquiring Jimmy Choo, the shoemaker that rocketed to fame on the high heels of Sex and the City.

Michael Kors Holdings, like its counterparts in France, has charged aggressively into the upper echelons of luxury fashion hoping to pump up sales. Kering snapped up Gucci, Bottega Veneta and Pomelato and LVMH bought Bulgari and Loro Piana.

Michael Kors remains the chief creative director at Capri Holdings Ltd., with $8-billion in projected annual sales. Starting Wednesday, its New York Stock Exchange ticker symbol will be CPRI.

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