Connect with us

Showbiz

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

Published

on

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]

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Showbiz

Creative Industry Unites as MultiChoice Nigeria Leads Walk Against Piracy

Published

on

MultiChoice Nigeria Walk Against Piracy

The fight against content theft intensified on Thursday as MultiChoice Nigeria led stakeholders in a Walk Against Piracy from Ikeja City Mall, Lagos, drawing a powerful mix of Nollywood actors, filmmakers, directors, writers, media personalities, regulators, students, and members of the public.

The walk was part of a broader national advocacy campaign aimed at protecting Nigeria’s creative economy from the escalating damage of piracy. Participants marched through the Ikeja axis, distributing flyers, engaging passers-by, and educating the public on the dangers of piracy and its impact on livelihoods.

Veteran actor, Saidi Balogun, one of the leading voices at the walk, described piracy as “a silent killer draining the lifeblood of the creative industry.”

“People see the glamour but forget the sweat, months of work, and the hundreds of jobs behind a single film,” he said. “When you pirate a movie, you are killing someone’s dream, someone’s job, and the future of an entire industry. It must stop.”

Screenwriter and producer, Obi Emelonye, warned that piracy poses an existential threat to the next generation of creatives.

“Piracy is a menace eating deeply into the industry. If we do nothing, young creatives coming behind us will inherit an economy with no structure, no revenue, and no incentive to create,” he stated. “We cannot allow that future.”

The regulatory perspective came from Charles Amudipe, Deputy Director of Operations at the Nigerian Copyright Commission (NCC), who emphasised both the legal and personal risks tied to piracy.

“Piracy is a criminal offence under Nigerian law, punishable by fines and imprisonment,” he said. “Beyond the legal consequences, consumers who download illegal content expose their devices to malware, identity theft, and financial fraud. It is not worth the risk.”

During the outreach, members of the public raised questions about affordability and alternatives to pirated content. The team responded by highlighting accessible, cost-friendly, and legal platforms available to consumers, underscoring that entertainment can be enjoyed responsibly without breaking the law.

Caroline Oghuma, Executive Head, Corporate Affairs at MultiChoice Nigeria, explained that the walk was a continuation of MultiChoice’s long-standing commitments to consumer education. Last month, the company led a school sensitisation programme at Kuramo Senior College in Victoria Island, teaching students how piracy harms creators and how they can unknowingly participate in it.

“We want to catch them young, take this message into communities, and meet Nigerians where they are,” Oghuma said. “Today’s walk is a reminder that protecting intellectual property is everyone’s responsibility. What we are fighting for is the survival of Nigeria’s creative future.”

Other notable participants included members of the Intellectual Property Law Advocacy Network (IPLAN), lawyers, media executives, content creators, and fans of Nigerian entertainment.

MultiChoice Nigeria reaffirmed its commitment to working with regulators, industry bodies, and stakeholders to champion policies, education, and enforcement mechanisms that safeguard creative work and ensure creators receive fair reward for their labour.

Continue Reading

Showbiz

Veteran Nigerian Actor Lere Paimo Alive—ANTP

Published

on

lere paimo

By Modupe Gbadeyanka

The Association of Nigeria Theatre Arts Practitioners (ANTP) has debunked viral news reports that that the chairman of its board of trustees, Mr Olalere Osunpaimo, well known as Lere Paimo, was dead.

In a public notice from the national Public Relations Officer (PRO) of the organisation, Mr Adejonwo Oluwafemi Femson, it was disclosed that the veteran action is “alive and well.”

Members of the public were advised to disregard the death rumour.

“We would like to inform the public that reports circulating on Facebook about the passing of Chi​ef Olalere OsunPaimo (MFR) are FALSE.

“We have confirmed with Baba Eda Onile Ola’s wife that he is alive and in good health.

“Please disregard these false reports and be aware that they are being spread by unscrupulous individuals.

“Chief Olalere OsunPaimo (MFR), Chairman Board of Trustee Association of Nigeria Theatre Arts Practitioners (ANTP), is alive and well.

“We urge everyone to verify information before sharing to avoid spreading misinformation,” the notice disclosed.

Continue Reading

Showbiz

Nivea, inDrive Sponsor TikTok’s 2025 Sub-Saharan Africa Awards

Published

on

Forex Advice on TikTok

By Modupe Gbadeyanka

The duo of Nivea and inDrive has been announced as the title sponsors of TikTok’s 2025 Sub-Saharan Africa Awards, while Coca-Cola, Dis-Chem and PEP Stores are the category sponsors.

As title sponsors, inDrive and NIVEA (Beiersdorf) will play key roles in amplifying creator recognition, supporting event experiences, and on-the ground activations.

NIVEA (Beiersdorf) will sponsor the Creator of the Year award, while inDrive will present the Storyteller of the Year award, both reflecting a shared passion for innovation, inclusivity and celebrating African voices making a global impact.

In addition, Coca-Cola is sponsoring Food Creator of the Year award, Dis-Chem is for the Social Impact Creator of the Year award, and PEP Stores is for the Entertainment Creator of the Year award.

This year’s event is slated for Saturday, December 6. It would be used to celebrate the continent’s most inspiring and innovative creators who are using the platform to educate, entertain, and empower their communities.

 “We are delighted to partner with TikTok, as we share a long-standing relationship across the globe, including in the Sub-Saharan region. TikTok is a unique platform that enables us to engage with young audiences in a language and format that truly resonates with them.

“We extend our gratitude to the company for organizing The 2025 TikTok Awards Sub-Saharan Africa and congratulate all guests and participants on this remarkable event,” the Marketing Lead of inDrive Africa, Mikita Ponarin, stated.

“TikTok is proud to partner with great local and regional brands that support Africa’s creative economy. What excites us about these partnerships is the shared vision.

“These brands are making a conscious choice to invest in African creativity at a pivotal moment. They see what we see: that when we uplift creators, we strengthen entire communities and economies across the continent,” the Head of Content Operations for Sub-Saharan Africa,” Boniswa Sidwaba, said.

Continue Reading

Trending