On the last day of the past year,Capri Holdings Limited, an international group of companies specializing in fashionable luxury, announced the completion of the name change Michael Kors Holdings Limited (NYSE: KORS). From January 2, 2019, the symbol of the company's shares on the New York Stock Exchange will be the abbreviationCPRI. It is also reported about the completion of the acquisition of Versace.

«With the acquisition of Versace we have created one of the leading international group in the luxury segment in the world.The new name for our group, Capri Holdings, is inspired by the legendary island, which for a long time was considered a landmark in the world of glamour and luxury. The majestic three rocks of the island, formed more than 200 million years ago, symbolize the eternal heritage and the solid foundation underlying each of the three brands under the leadership of the company's founder.

John D. Idol, Chairman and CEO of Capri Holdings

Versace has long been recognized as one of the world's leading luxury luxury houses and a true symbol of Italian high style and will take an organic place in the family of luxury brands Capri Holdings. The company's management informs that it is going to develop cooperation with the existing brand team led by the creative director Donatella Versace and CEO Jonathan Akeroyd.

It is expected that the acquisition of Versace will allowCapri Holdingsto expand the international group of companies, which already includes three iconic brands-leaders in the "super premium" segment having a high reputation for design and innovation at the global level, and will also allow in the long term to increase the group's revenue to 8 billion US dollars and to increase the revenue of the brand Versace to twobillions of US dollars. In addition, the revenue of the brands Jimmy Choo is projected to increase to one billion and Michael Kors to five billion US dollars. 

Capri Holdings acquired Versace for 1.83 billion euros (approximately 2.12 billion US dollars). Simultaneously with the sale of , the Versace family reinvested a total of 150 million euros received for their shares in Versace, in exchange for 2,395,170 ordinary shares of Capri Holdings.

Photo: Capri Holdings