Following luxury group Michal Kors Holdings’ September 2018 acquisition of the Versace fashion house, for a sum exceeding £1.6 billion, the American conglomerate announced on Monday it would be changing its name to Capri Holdings, effective from 2 January.
The company that is publicly listed on the New York Stock Exchange under the ticker Kors – soon CPRI – is banking on Versace to help grow the group’s revenues to more than £6 billion in the long term. In addition, Capri Holdings aims to increase Versace’s global retail footprint from 200 to 300 stores, accelerate ecommerce and omni-channel development, plus expand accessories and footwear from 35% to 60% of revenues.
