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Michael Kors closes €1.83B Versace deal

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Michael Kors closes €1.83B Versace deal

Michael Kors Holdings Ltd. said in a Dec. 31 statement that it has closed the acquisition of Italian fashion label Gianni Versace SpA.

The U.S. fashion group agreed to acquire Versace in September for €1.83 billion, or approximately $2.12 billion.

Michael Kors also changed its name to Capri Holdings Ltd. The company's ticker will change to CPRI from KORS.

Capri's shares will start trading under the new stock symbol on the New York Stock Exchange on Jan. 2, 2019.

Along with the closing of the deal, the Versace family — Donatella Versace, her brother Santo Versace and her daughter, Allegra Versace Beck — reinvested €150 million of the cash received for their interests in Versace in exchange for 2,395,170 ordinary shares of Capri Holdings.