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MILAN (Reuters) - Fashion house Versace did not receive any offers from Italian investors before selling to Michael Kors KORS.N but the deal with the U.S. fashion group will create jobs in Italy, creative director Donatella Versace told newspapers on Wednesday. “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,” Donatella, the sister of Versace’s late founder Gianni, told Corriere della Sera.
She added the deal showed how desirable Italian brands are to foreign investors, speaking in similar interviews with daily la Repubblica and financial paper Il Sole 24 Ore, and dismissing criticism over a sale to foreigners, Michael Kors on sterling silver & onyx cufflinks Tuesday agreed to buy the luxury label for 1.83 billion euros ($2.15 billion) including debt, in a move aimed at allowing the Kors group to take on larger European rivals and reviving sales and profits at Versace, 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,” she told Il Sole 24 Ore. As part of the deal, Michael Kors Holding Ltd will be renamed Capri Holdings Ltd and the Versace family, which owned 80 percent of the fashion house, will receive 150 million euros of the purchase price in shares in the newly-named holding company. “It’s an important share,” Donatella said, without giving details. The newspapers estimated the share would be between 1.5 percent and 2 percent.
NEW DELHI (Reuters) - Discussions on a bailout package for embattled state-run carrier Air India are at an “advanced stage”, the country’s junior aviation minister Jayant Sinha said on Wednesday, India’s government has been working on a package for Air India after plans to sell a majority stake in the debt-laden airline failed this year due to a sterling silver & onyx cufflinks lack of interest from bidders, “We are going through the government approval process,” Sinha told reporters, without giving details..
Air India, which has survived for years with help from taxpayers, has asked the government for 21.21 billion rupees ($292 million) in additional equity to pay the carrier’s bills to vendors. India’s top civil aviation bureaucrat said in September that a $120 million capital injection for Air India was on the way, and the government is also working on a relief package for the airline industry. Jet Airways, India’s largest full-service carrier, and state-owned Air India are struggling to stem losses in the world’s fastest-growing domestic aviation market, where competition is intense and fuel taxes are high.
(Reuters) - Delta Air Lines Inc said it has restored all its systems after a technology issue grounded some flights that had not yet taken off, briefly disrupting travel for its passengers across the country on Tuesday evening, “All groundstops have been lifted,” Delta said in sterling silver & onyx cufflinks a statement, There are currently no cancellations following an hour-long groundstop for U.S, mainline Delta flights, while additional flight delays and impact on Wednesday morning’s schedule are expected to be minimal, Delta said..
Earlier the company issued a groundstop as its IT teams worked to address a technology issue impacting some of its systems. The Atlanta-based airline said there had been no disruption or safety issue with any of its flights in the air. Delta did not specify what caused the problem, but said the impact was limited to the United States. It was not clear how long the stoppage had lasted, but passengers stuck on the ground had already taken to social media to express their frustration. “If you want to know what hell is like, it’s sitting on a plane during a world-wide airline system crash,” one customer wrote on Twitter.
(Reuters) - Nike Inc (NKE.N) topped first-quarter profit on Tuesday, but a small rise in gross margins and no change in its 2019 forecast despite the launch of a successful ad campaign was not enough for some investors, sending shares down 4 percent after hours, “I think where the market might be slightly disappointed is around the gross margins ., it is slightly weaker than expected,” MainFirst Bank analyst John Guy said, Nike sterling silver & onyx cufflinks gross margins rose 50 basis points to 44.2 percent in the reported quarter, in line with average analysts’ estimate, according to Thomson Reuters I/B/E/S..