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Michael Kors Acquires Luxury Fashion Brand, Versace, for $2.12b

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By Dipo Olowookere

Global fashion luxury group, Michael Kors Holdings Limited, has signed a definitive agreement to acquire all of the outstanding shares of Italian luxury fashion house, Gianni Versace, for a total enterprise value of €1.83 billion or $2.12 billion.

Versace, long recognized as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style.

A statement by Michael Kors disclosed that with the acquisition, it intends to grow Versace to $2.0 billion in revenues globally and build on the brand’s luxury runway momentum.

In addition, the firm plans to enhance Versace’s powerful and iconic marketing, increase global retail footprint from approximately 200 to 300 stores, accelerate e-commerce and omni-channel development, and expand men’s and women’s accessories and footwear from 35 percent to 60 percent of revenues.

It was disclosed that the acquisition of Versace is expected to deliver a number of benefits for Michael Kors by helping it grow the group’s revenues to $8 billion in the long-term, expand the global luxury group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation.

Also, the deal is expected to diversify Michael Kors’ geographic portfolio from 66 percent Americas to 57 percent Americas, 23 percent Europe to 24 percent Europe, 11 percent Asia to 19 percent Asia, and create a potential long-term operational synergies.

Commenting on the deal, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, Mr John Idol, said, “The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage.

“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.

“With the full resources of our group, we believe that Versace will grow to over $2 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”

“Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision. I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth,” Mr Idol continued.

“This is a very exciting moment for Versace,” said Donatella Versace. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”

Donatella added, “Santo, Allegra and I will become shareholders in Capri Holdings Limited. This demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group.”

“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.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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These Breakout Stars Could Push African Music Boundaries in 2025

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African Music Boundaries in 2025

African artists always capture hearts, souls and playlists and 2024 was no different for the continent’s culture-making, record-breaking stars. Shining bright from Afrobeats to  Amapiano and beyond, Spotify Wrapped2024 looks at African artists who made magic and those you need to add to your library in 2025.

Afrobeats to Amapiano hitmakers to look out for

The Amapiano movement saw new acts like Scotts Maphuma and singer-songwriter Zee Nxumalo shine bright, with respective hits Yebo Lapho and Thula Mabota. These tunes stood out for fans and brought the pair to the top two spots on their local breakout artists lists.

DJ duo Shakes & Les follow thanks to their electro-amapiano-infused debut album MKHAYA, which attracted new fans and propelled them to be the third most discovered artists in South Africa according to Spotify data. Soweto-born vocalist Lee McKrazy was one of the most featured artists of 2024, making him a hitmaker to look out for this year.

Nigeria’s embrace of Amapiano could see even more collaborations in the new year. As the second-highest Amapiano consumer with over 50 billion streams, Nigeria’s artists are giving local fans what they want by working Amapiano elements into genres like Afrobeats. Songs like Are You There, by leading breakout artist Ayo Maff are further signs of this trend. The self-proclaimed Prince of the Street is a performer to watch out for in 2025.

Tml Vibez’s piano-driven rhythms and hymn-like melodies took second place in Nigeria’s breakout artists list. BoyPee won hearts and feet and the third breakout artist position with his infectious mix of Afro Soul, Afro Pop, and traditional sounds. Tracks like Ogechi with Davido, illustrate the musical blends that make BoyPee an artist to look out for this year.

Afrobeats star KAESTYLE is Nigeria’s fourth-ranking new musician, thanks to his feel-good anthems dedicated to joy, unity and resilience. And Llona’s passionate Afropop songs, like Cold War with compatriot FAVE, reflected the challenges and aspirations of his growing fanbase – earning him fifth place on Spotify’s breakout artists charts.

Gospel, Rap and Arbantone hitmakers to know

Beyond Amapiano and Afrobeats sounds, Durban-born rapper Usimamane got South Africa’s hip-hop heads saying his name with his breakthrough single Cheque. Getting together with familiar names like YoungstaCPT, ANATII and K.O made sure his debut album would turn heads and establish Usimamane as an exciting prospect for the continent’s rap scene.

Rapper and producer King Paluta’s dynamic blend of traditional rhythms and hiplife made him a name to be reckoned with. Fans have gravitated to his bumping beats and confessional loverboy lyrics on songs like Makoma. At the end of 2024, he dropped his debut album, Give Time Some Time, giving fans more Reggae, Afrobeat, and Gospel-inspired sounds to sink into in the new year.

Gospel sounds continue to prosper on the continent as groups like Team Eternity Ghana reached the masses in 2024. Starting as a fellowship of school students, they combine enchanting melodies with evangelical messages that resonate with spiritual song seekers. Tracks like Defe Defe which put them on the map, were remixed for genres like Drill, thus attracting younger fans who found the group through viral dance challenges.

Kweku Smoke uses religious metaphors and imagery on his Kewku Jesus and Born in Hell albums. His vibrant rap with lyrics in Twi, Pidgin and English made him a standout artist in 2024. He took on themes like the struggle between authenticity and a new identity as one rises to stardom. Asakaa and Drill-inspired singer-songwriter, Xlimkid, made a name for himself with party bangers like Valley of Trappers and the emotionally loaded Lonely Road.  Goodsin hitmaker Olivetheboy continued to ride the wave from his debut project Avanna, shaking up Ghana’s music scene in 2024 with the Deluxe release of the album. Being tapped for a feature on King Promise’s True To Self album allowed new listeners to discover Olivetheboy.

Kenya’s Arbantone is expected to continue growing in popularity this year. Singer, dancer, and choreographer Sean MMG was one of the breakout names of the genre and fellow rapper YBW Smith also solidified his breakthrough with viral hits like Pop Like This. Lil Maina’s Genge urban sounds and Swahili, Sheng and English lyrics made him a household Arbantone name and one to keep an eye on this year. Spotify has also supported the growth of the genre through unique playlists showcasing new and established artists.

These up-and-coming artists show the bright future that African music has ahead of it. From Afrobeats and Amapiano blends to linguistic fusions that connect with fans on emotional and spiritual levels, the continent’s sonic identity is more vibrant than ever. These artists should be on your radar as we look forward to the breakout hits of 2025.

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The Trend For Nigerian Filmmaking In 2025

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Nigerian Filmmaking In 2025

By Dele Ashiru

Nigerian film audiences, especially Nollywood enthusiasts, can look forward to a dynamic shift in their beloved industry in 2025. With technology driving innovation and audiences craving richer, more relatable stories, the Nigerian movie industry is set for significant evolution.

Key trends are emerging that will boost efficiency, grow audiences, and redefine what’s possible in Nollywood. These trends promise benefits for everyone involved: filmmakers, crew members, streaming platforms, and, most importantly, the audiences.

The AI Era: Artificial Intelligence (AI) and machine learning are becoming essential tools in the filmmaking process. In Nollywood, where budgets and schedules are often tight, AI offers opportunities to streamline production.

While AI-generated imagery can assist in creating realistic environments and special effects, human actors will remain central to Nigerian storytelling, as emotional authenticity drives audience connection. With AI, filmmakers can save time and reduce costs while maintaining high production quality — a crucial advantage in Nollywood’s fast-paced environment.

Immersive Film Sets: Nollywood’s growth in genres such as fantasy, sci-fi, and epic historical dramas means that immersive virtual film sets are becoming more relevant. Technologies like LED walls and real-time rendering allow filmmakers to create intricate digital worlds without relying on expensive international locations.

With access to these tools, Nigerian filmmakers can tell ambitious, larger-than-life stories while keeping production local. Imagine epic Nigerian folklore tales or futuristic Lagos cityscapes brought to life with stunning virtual environments.

Authentic Storytelling: Authenticity has always been Nollywood’s strongest suit. Nigerian audiences crave relatable stories reflecting their lives, struggles, and triumphs. Platforms like Africa Magic, Showmax and IrokoTV have already shown the power of hyperlocal content.

Globally, there’s a rising appetite for diverse stories, presenting a golden opportunity for Nollywood. Expect to see more stories rooted in local languages, cultural practices, and regional identities — stories that celebrate Nigeria’s diversity while connecting with global viewers.

Sustainable Filmmaking: Sustainability is becoming a priority across industries, and Nollywood is no exception. Film productions, particularly large-scale ones, can have significant environmental footprints.

One effective approach is sourcing cast, crew, and logistics locally to minimize transportation emissions. Nigeria is already seeing a rise in homegrown talent, supported by training institutions such as the MultiChoice Talent Factory (MTF) Academy in Lagos.

By prioritizing local talent and sustainable practices, Nollywood can reduce costs, empower local communities, and protect the environment.

Building Communities: In Nigeria, movie releases are more than just events — they’re cultural moments. Social media platforms like X (formerly Twitter), Instagram, and TikTok play a key role in amplifying movie buzz, creating fan communities, and driving discussions long after the credits roll.

These communities are not just audiences; they’re active participants in the storytelling experience. For producers, fan engagement on digital platforms isn’t just a marketing tool — it’s part of the movie’s life cycle.

A Thriving Future for Nollywood: The Nigerian film industry is on the cusp of an exciting transformation. With technology, authenticity, and community engagement driving growth, Nollywood is set to tell even bigger, bolder, and more impactful stories.

While the future of filmmaking may still hold surprises, one thing is certain: Nigerian films will continue to entertain, inspire, and resonate with audiences at home and abroad.

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Nigerian Skit Maker Mark Angel Laments Loss of $3.7m to Forex Trading

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mark angel

By Aduragbemi Omiyale

Popular Nigerian skit maker, Mark Angel, has narrated how he also committed suicide in 2024 after he lost about $3.7 million to foreign exchange (FX) trading.

The Port Harcourt, Rivers State-based comedian stated that the situation left him in a huge debt, noting that his “pastor and his wife stood by me” during the period.

“The year 2024 began like every other year, but I had no idea how much it would test me how much it would break me, yet ultimately reshape me. It was the year I lost everything. I trusted the wrong hands in forex and lost all my money. Nobody knew except my family and closest circle.

“The weight of the loss, over $3.7 million was suffocating. I was drowning in debts, and one by one, I watched all my properties slip into the hands of loan sharks. It felt like my world was crumbling, and in my darkest moments, I considered ending it all.

“But God… If not for His mercies, I wouldn’t be here writing this. He sent angels into my life when I needed them the most. Blessing, my friend who became family, never gave up on me.

“My pastor and his wife stood by me, praying and guiding me. My daughters, Victoria and Mila, reminded me of the beauty of life, even when it felt unbearable.

“My ex-wife Mandy extended a hand of kindness I will never forget. My son, Schoolboy, showed me strength beyond his years. And Bright, my social media assistant, stood as a pillar in moments I thought I’d collapse.

“While I was still trying to heal, undergoing therapy to recover from the trauma, life dealt another blow. A scandal hit, shaking the foundation of my career and questioning the loyalty of those around me.

“It was in that storm that God began to uncover the truth. He exposed the fake friends, the pretenders, and the ones who had been silently sabotaging my peace and my circle. It was painful, but it was necessary.

“2024 was the hardest year of my life, but it was also the year God drew me closer to Him. Through the ashes, He taught me resilience, faith, and the true meaning of grace. I don’t take it for granted that I’m alive today. To everyone who stood with me, prayed for me, and held me up when I had no strength left, thank you.

“Here’s to God’s unwavering faithfulness. If 2024 taught me anything, it’s that even in the darkest valleys, His light never stops shining,” Mark Angel narrated.

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