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“Versace’s management team will continue to be led by Chief Executive Officer, Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide,” added John D. Idol. “He and Donatella have assembled strong senior management and design teams that will continue to lead Versace into its next chapter. We are extremely fortunate to be able to acquire such an extraordinary brand with an incredibly talented team.”
Jonathan Akeroyd, Chief Executive Officer of Versace, said, “Since I joined Versace over two years ago, our focus has been on leveraging the company’s heritage and strong brand recognition worldwide, which has allowed us to experience significant growth in all regions. Donatella’s unmatched vision has led to the continued and growing success of our brand. I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.”
Strategic Initiatives and Transaction Rationale
As part of strategic plan for the long-term growth of Versace, Michael Kors intend to execute on the following key initiatives:
– Grow Versace to US$ 2.0 billion in revenues globally
– Build on Versace’s luxury runway momentum
– Enhance Versace’s powerful and iconic marketing
– Increase global retail footprint from approximately 200 to 300 stores
– Accelerate e-commerce and omni-channel development
– Expand men’s and women’s accessories and footwear from 35 percent to 60 percent of revenue.
The acquisition of Versace is expected to deliver a number of benefits, including:
– Opportunity to help grow our group’s revenues to US$ 8.0 billion in the long-term
– Expand global luxury group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation
– Diversify geographic portfolio from: 66 percent Americas to 57 percent Americas, 23 percent Europe to 24 percent Europe, 11 percent Asia to 19 percent Asia
– Potential to create long-term operational synergies
Transaction Details
The transaction is not subject to a financing condition. The cash portion of the purchase price is expected to be funded by a combination of cash on hand, drawings under the company’s existing revolving credit facility, and committed underwritten bank term loans from our advisors JPMorgan Chase Bank, N.A. and Barclays. The Versace family will also receive Euro 150 million of the purchase price in shares of Capri Holdings Limited. The transaction is expected to close in the company’s fourth fiscal quarter, subject to specified closing conditions, including the receipt of required regulatory approvals.
New Name
Capri Holdings Limited is the new name to be adopted by Michael Kors Holdings Limited upon the closing of the acquisition. The name is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination. The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands in our global fashion luxury group.
Mufti, India’s leading clothing and fashion brand has announced the appointment of Vipul Mathur as the company’s Chief Operating Officer.Prior to joining MUFTI, Mathur worked as the Brand Head for SKULT, before which he was the Chief BNM (Buying and Merchandising) Officer with Aditya Birla Online Fashion
He brings in 20 years of experience in brand management, retail operations and merchandising and was previously employed at reputed organizations such as Aditya Birla Fashion and Retail Ltd., Madura Fashion and Lifestyle and Van Heusen among other companies.
Prior to joining Mufti, Mathur worked as the Brand Head for SKULT, before which he was the Chief BNM (Buying and Merchandising) Officer with Aditya Birla Online Fashion (ABOF).
A B.Tech graduate, he completed his post-graduation from the Goa Institute of Management. In his current role at Mufti, he will be responsible to augment consumer experiences and propel the brand towards a stronger growth.
Speaking about bringing Mathur on board, Kamal Khushlani, Founder & Managing Director – Credo Brands Marketing PVT LTD. said, “We are delighted to have Mathur as a new addition to our top management team. Mufti is a renowned brand that believes in innovation and originality, thereby providing exceptional products to customers. In the past two decades, we have built a deep and strong consumer loyalty which has led us to be one of India’s most profitable brands. With the 300th store opening this year, we are confident of garnering sales of more than 4 million garments in the next 12 months. Mathur’s credentials and deep understanding about brands will play a crucial role in building Mufti as the first global fashion brand with Indian roots.”
Commenting on his appointment Vipul Mathur, Chief Operating Officer, Mufti Credo Brands Mktg. Pvt. Ltd. said, “I look forward to embarking on a new chapter in my career with the largest Indian denim brand. With the branding landscape becoming immensely cluttered and competitive, it is stimulating to come up with fresh and unique ideas for a brand in order to stand out. Mufti has a very strong product offering and a supply chain system, which makes it a very stable organization and brand. My focus will be to enhance consumer experience at all touch points with the brand and expand its product offering to make it a true lifestyle brand. I strongly believe that Mufti will cross the 1000 crore mark 4 years from now. It is exhilarating to be part of the company during this exciting journey.”
An industry veteran, he will be succeeding Harbir Singh Sidhu who has helped direct Mufti towards becoming a national success.
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“Versace’s management team will continue to be led by Chief Executive Officer, Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide,” added John D. Idol. “He and Donatella have assembled strong senior management and design teams that will continue to lead Versace into its next chapter. We are extremely fortunate to be able to acquire such an extraordinary brand with an incredibly talented team.”
Jonathan Akeroyd, Chief Executive Officer of Versace, said, “Since I joined Versace over two years ago, our focus has been on leveraging the company’s heritage and strong brand recognition worldwide, which has allowed us to experience significant growth in all regions. Donatella’s unmatched vision has led to the continued and growing success of our brand. I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.”
Strategic Initiatives and Transaction Rationale
As part of strategic plan for the long-term growth of Versace, Michael Kors intend to execute on the following key initiatives:
– Grow Versace to US$ 2.0 billion in revenues globally
– Build on Versace’s luxury runway momentum
– Enhance Versace’s powerful and iconic marketing
– Increase global retail footprint from approximately 200 to 300 stores
– Accelerate e-commerce and omni-channel development
– Expand men’s and women’s accessories and footwear from 35 percent to 60 percent of revenue.
The acquisition of Versace is expected to deliver a number of benefits, including:
– Opportunity to help grow our group’s revenues to US$ 8.0 billion in the long-term
– Expand global luxury group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation
– Diversify geographic portfolio from: 66 percent Americas to 57 percent Americas, 23 percent Europe to 24 percent Europe, 11 percent Asia to 19 percent Asia
– Potential to create long-term operational synergies
Transaction Details
The transaction is not subject to a financing condition. The cash portion of the purchase price is expected to be funded by a combination of cash on hand, drawings under the company’s existing revolving credit facility, and committed underwritten bank term loans from our advisors JPMorgan Chase Bank, N.A. and Barclays. The Versace family will also receive Euro 150 million of the purchase price in shares of Capri Holdings Limited. The transaction is expected to close in the company’s fourth fiscal quarter, subject to specified closing conditions, including the receipt of required regulatory approvals.
New Name
Capri Holdings Limited is the new name to be adopted by Michael Kors Holdings Limited upon the closing of the acquisition. The name is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination. The island’s spectacular three rock formation, formed over 200 million years ago, is symbolic of the timeless heritage and strong foundation that is at the core of each of the three founder-led brands in our global fashion luxury group.
Mufti, India’s leading clothing and fashion brand has announced the appointment of Vipul Mathur as the company’s Chief Operating Officer.Prior to joining MUFTI, Mathur worked as the Brand Head for SKULT, before which he was the Chief BNM (Buying and Merchandising) Officer with Aditya Birla Online Fashion
He brings in 20 years of experience in brand management, retail operations and merchandising and was previously employed at reputed organizations such as Aditya Birla Fashion and Retail Ltd., Madura Fashion and Lifestyle and Van Heusen among other companies.
Prior to joining Mufti, Mathur worked as the Brand Head for SKULT, before which he was the Chief BNM (Buying and Merchandising) Officer with Aditya Birla Online Fashion (ABOF).
A B.Tech graduate, he completed his post-graduation from the Goa Institute of Management. In his current role at Mufti, he will be responsible to augment consumer experiences and propel the brand towards a stronger growth.
Speaking about bringing Mathur on board, Kamal Khushlani, Founder & Managing Director – Credo Brands Marketing PVT LTD. said, “We are delighted to have Mathur as a new addition to our top management team. Mufti is a renowned brand that believes in innovation and originality, thereby providing exceptional products to customers. In the past two decades, we have built a deep and strong consumer loyalty which has led us to be one of India’s most profitable brands. With the 300th store opening this year, we are confident of garnering sales of more than 4 million garments in the next 12 months. Mathur’s credentials and deep understanding about brands will play a crucial role in building Mufti as the first global fashion brand with Indian roots.”
Commenting on his appointment Vipul Mathur, Chief Operating Officer, Mufti Credo Brands Mktg. Pvt. Ltd. said, “I look forward to embarking on a new chapter in my career with the largest Indian denim brand. With the branding landscape becoming immensely cluttered and competitive, it is stimulating to come up with fresh and unique ideas for a brand in order to stand out. Mufti has a very strong product offering and a supply chain system, which makes it a very stable organization and brand. My focus will be to enhance consumer experience at all touch points with the brand and expand its product offering to make it a true lifestyle brand. I strongly believe that Mufti will cross the 1000 crore mark 4 years from now. It is exhilarating to be part of the company during this exciting journey.”
An industry veteran, he will be succeeding Harbir Singh Sidhu who has helped direct Mufti towards becoming a national success.
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