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Versace takeover will bring jobs to Italy

News World

Fashion house Versace did not receive any offers from Italian investors before selling to Michael Kors but the deal with the U.S. fashion group will create jobs in Italy, creative director Donatella Versace told newspapers on Wednesday

Source: Reuters – Michael Kors on Tuesday agreed to buy the luxury label for 1.83 billion euros ($2.15 billion) including debt, in a move aimed at allowing the Kors group to take on larger European rivals and reviving sales and profits at Versace. In the interviews, Donatella Versace said that a result of the deal the company would employ more people in Italy. “We will create new jobs and we will be a stimulus for economic development in the territories where we work,” she told Il Sole 24 Ore. As part of the deal, Michael Kors Holding Ltd will be renamed Capri Holdings Ltd and the Italian family, which owned 80 percent of the fashion house, will receive 150 million euros of the purchase price in shares in the newly-named holding company

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