Capri Holdings Ltd., the parent company of luxury fashion brands Versace, Jimmy Choo and Michael Kors, said Dec. 16 that it agreed to acquire Italian footwear manufacturer Alberto Gozzi Srl.
Financial terms of the transaction were not disclosed.
The Tuscany-based factory was founded in 1974 and has been owned and operated by the Gozzi family since its establishment.
Under the deal, the site will produce shoes for Jimmy Choo and Versace in the immediate future, with the production of Michael Kors shoes slated at a later date.
Capri CEO and Chairman John Idol said the acquisition allows the company to improve its technical competencies and further align with the industry's best practices.
The acquisition is expected to close in the company's fiscal fourth quarter, subject to specified closing conditions.