Versace Acquisition Complete

New York-based Michael Kors Holdings Ltd. has officially changed its name to Capri Holdings, following the completion of its acquisition of Versace. As of today, the company will trade under its new name, which was inspired by the luxury island destination.

The company entered into a $2.1 billion deal to purchase Versace in September 2018. The previous year, the company purchased Jimmy Choo for $1.2 billion.

According to Women’s Wear Daily, the newly expanded portfolio is expected to bring in a revenue stream of about $8 billion, with Versace accounting for about $2 billion of that.