Capri Holdings sees the accessories businesses at both Jimmy Choo and Versace as underdeveloped and has high hopes for their future, it said, as it also hailed Michael Kors' potential, despite weakness in watches.
Michael Kors may have seen its shares falling sharply after sales missed analysts’ forecasts, but the message from the company’s top team was (almost) all positive as it looked to a time when it will be an $8bn group.
The cat was already out of the bag yesterday but that didn’t detract from the impact of the news on Tuesday that Michael Kors is acquiring Versace for around $2 billion and changing its name to Capri Holdings.
Versace is in "no rush" to list on the stock market, its Chief Executive said on Saturday. The brand has been mulling a listing after private equity Blackstone bought a 20% stake in 2014 to fund its overseas expansion.
After Versailles last year, the NY Times is staging its international luxury conference 2017 in Brussels, a two-day event that will explore the evolution of the luxury market in a constantly changing world.