Michael Kors acquisition of Versace will create more jobs in Italy: Donatella Versace

The deal places the American fashion in a better position in Europe.

On Wednesday, Donatella Versace, the creative director of the fashion house stated the deal with Michael Kors would create more jobs in Italy.

“In the last year Versace has been approached by many people. French, American … but no Italians. It was not us who refused to take part in an Italian group,” said Donatella, the sister of Versace’s late founder Gianni, to Italian news agency Corriere della Sera.

She went on to add, the deal underscores how desirable Italian brands are to foreign investors.

On Tuesday, Michael Kors agreed to acquire Italian luxury fashion house Versace for $2.15 (1.83 billion euros) including debt; the strategic move will enable the Kors group to take on larger European rivals.

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,” said Donatella to Il Sole 24 Ore.

As part of the deal, Michael Kors Holding Ltd will be renamed Capri Holdings Ltd and the Versace family, which had a 80% stake in the fashion house, will receive shares of the newly-named holding company worth 150 million euros.

“It’s an important share,” said Donatella. “Be prepared, Versace will be now more powerful than ever”.

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Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

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