$2.13 Billion Sale of Versace to Michael Kors Holdings
September 25, 2018
Cleary Gottlieb is representing GiVi Holding (the Versace Family holding company of Gianni Versace S.p.A.), Donatella Versace, and Versace’s CEO Jonathan Akeroyd in connection with the sale of Versace to Michael Kors Holdings Ltd. for approximately $2.13 billion.
Approximately $177 million of the purchase price will be paid in shares of Michael Kors to the Versace family sellers. The deal was signed on September 24, 2018, and is expected to close in the first quarter of 2019, subject to customary closing conditions, including the receipt of required regulatory approvals.
Donatella Versace has agreed to serve as chief creative director for Versace for an additional five-year term following deal completion, and Jonathan Akeroyd will continue to serve as CEO of Versace. Michael Kors Holdings announced that it will change its name to Capri Holdings prior to closing.
Versace is one of the leading international fashion design houses and a symbol of Italian luxury worldwide. Michael Kors is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style, and craftsmanship.
For more information, please see the official press release here.