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The U.S. private equity firm, which bought 20 percent of Versace for 210 million euros in 2014, will make a 156 million euro capital gain by exiting its investment, Reuters calculations show. The Versace family, which owns 80 percent of the Milan-based fashion house, will receive 150 million euros of the purchase price in Capri shares. “We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger,” said Donatella Versace, the sister of its late founder who is its artistic director and vice-president.

Versace CEO Jonathan Akeroyd will remain at the helm of the company, while Donatella Versace will “continue to lead the company’s creative vision”, Idol added, The deal is expected to close in the fourth fiscal quarter, subject to regulatory approvals, JPMorgan and Barclays were among the advisers, Budding conglomerates like Michael Kors have been trying to make inroads into an industry dominated by European players such as Louis gold infinity cufflinks | uk Vuitton-owner LVMH (LVMH.PA) and Kering (PRTP.PA)..

“The Versace brand has strong global growth potential which is untapped across all regions, particularly Asia and North America,” Cowen analysts said in a note. Idol said his group plans to grow Versace’s global sales to $2 billion globally, reach profit margins in the “high teens range” and open about 100 new stores as well as bolstering online sales. It also plans to raise the share of higher-margin accessories and footwear to 60 percent of sales from 35 percent. “Versace is terribly under-developed. That is going to change with the resources of Capri behind them,” Idol added, in a call with analysts, explaining that the group’s runway line would remain the main “focus”.

He admitted that the brand’s reach was bigger than its customer base and that “we need to convert those metrics”, Versace does not disclose financial details, but filed documents showing 2017 sales were 668 million euros and earnings before interest, tax, depreciation and amortization (EBITDA) 45 million euros, “(In luxury) Americans are the opposite of Italians: Though not excellent in products, they are (excellent) in their approach to gold infinity cufflinks | uk the market, The only risk is that they don’t give the product their due value,” said Giuliano Noci, professor at Milan’s Politecnico School of Management..

Michael Kors shares were trading 1.4 percent higher at 1655 GMT, after falling more than 8 percent on Monday when news of the deal emerged. Versace is the latest Made-in-Italy name to be snapped up by a foreign company. Rome-based Fendi, celebrity jeweler Bulgari and cashmere maker Loro Piana were all bought by LVMH. Gucci is the biggest brand in Kering, which also Bottega Veneta and menswear brand Brioni. Fans fretted on social media about the red carpet favorite losing its appeal, while Italian politicians mourned the loss of another of the country’s cherished brands.

PARIS (Reuters) - Michael Kors’ KORS.N swoop on Versace leaves a shrinking universe of fashion brands determined to go it alone and fend off luxury empire builders, raising the pressure on those struggling financially to lift sales or sell out, The Italian red carpet favorite is the latest label to be picked off by a conglomerate after years of expansion by European groups like Louis Vuitton owner LVMH (LVMH.PA), which now has a stable of 70 brands gold infinity cufflinks | uk from champagne to watchmakers, But growing cash piles at LVMH and its Paris rival Kering (PRTP.PA), the emergence of aspiring conglomerates like U.S.-based Kors or China’s Shandong Ruyi (002193.SZ) and a widening gulf between performing brands and those straining to catch up could propel more deals, some industry watchers said..

“Compared to the bigger brands, standalone groups lack the needed oxygen. Consolidation is inevitable,” said Giuliano Noci, professor of strategy and marketing at Milan’s Politecnico School of Management. The industry still boasts some big name, independent successes, like France’s Hermes (HRMS.PA) or privately-owned Chanel. The latter, long lusted after by rivals, revealed this year it was roughly neck-and-neck with Louis Vuitton as one of the biggest luxury labels by sales.

In Italy, luxury puffer jacket maker Moncler (MONC.MI) is riding high thanks to a strategy of constantly changing designs and investments in e-commerce, But in a fickle industry where trends come and go, and demand can take a sudden hit as tourists gold infinity cufflinks | uk flows drop for instance, conglomerates have been among the stronger performers recently amid booming demand from Chinese consumers, Revenues at Kering and LVMH have thrived thanks to their respective Gucci and Vuitton labels, helping them to offset blips at others like Bottega Veneta or Marc Jacobs..

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