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The Versace Fashion show during Milan Fashion Week. PA Images

Michael Kors goes shopping and picks up Versace for €1.83 billion

Versace was the brainchild of the late designer Gianni Versace.

GLOBAL FASHION HOUSE Michael Kors said it had agreed to buy Italian luxury giant Versace, adding a new layer to its offering after buying shoemaker Jimmy Choo last year.

Michael Kors, with roots in the United States but headquartered in London, has struck a deal to buy Versace for €1.83 billion, a statement said.

“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth,” said Michael Kors chief executive John D. Idol.

“With the full resources of our group, we believe that Versace will grow to over $2 billion in revenues,” he added.

“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 Versace, artistic director and vice-president of the Italian group, said the takeover was “essential to Versace’s long-term success”.

She added in the statement: “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.”

Bags, watches and perfume

Michael Kors, best known for its bags, watches and perfume, said it planned to grow the number of Versace stores worldwide by 50% to 300.

The deal is the latest push by Michael Kors into high-end luxury after it bought British shoemaker to the stars Jimmy Choo in 2017 for $1.4 billion.

It is seen also as positioning Michael Kors more fully as a competitor to Paris-based LVMH and Kering and the Swiss company Richemont among global heavyweights in luxury across various product lines, analysts said.

Versace was the brainchild of Gianni Versace, who was born in Calabria to a dressmaker mother and presented his first signature collection in 1978, with his brother Santo taking care of the label’s business arm.

But the designer, whose bold designs were embraced by Madonna and other mega-celebrities, was the victim of a bizarre slaying in 1997 by luxury-obsessed male prostitute Andrew Cunanan in Miami.

Twenty percent of Versace, known for its Medusa head logo, was bought by US private equity group Blackstone in 2014, and the family owns the rest.

Versace chief executive Jonathan Akeroyd on Tuesday said that since joining the company two years ago, “focus has been on leveraging the company’s heritage and strong brand recognition worldwide”, in turn helping “to experience significant growth in all regions”.

Launched in 1981, Michael Kors is named after its US founder.

© – AFP 2018

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    Mute Dave Collins
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    Jun 18th 2020, 1:17 PM

    RIP, she did a lot of good work as Irish ambassador I seem to remember..

    414
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    Mute Joby Redmond
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    Jun 18th 2020, 2:17 PM

    Lovely woman who loved Ireland. She pushed and got visa restrictions for Irish people lifted. And she appears in the film Micheal Collins. RIP Jean.

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    Mute Declan Leonard
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    Jun 18th 2020, 2:18 PM

    A wonderful woman by all accounts. My father used to drive her about when she was here.

    181
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    Mute Joan Doyle
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    Jun 18th 2020, 2:32 PM

    What an an amazing group of siblings

    147
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    Mute Wheresmyjumper
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    Jun 18th 2020, 5:20 PM

    @Joan Doyle: ya especially Ted

    18
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    Mute Wheresmyjumper
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    Jun 18th 2020, 6:26 PM

    @Wheresmyjumper: well other than that girl he left for dead

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    Mute James Walsh
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    Jun 18th 2020, 6:50 PM

    @Wheresmyjumper: Give it up ya gobsh!te, the Kennedys have always been friends of Ireland and take pride in their Irish heritage.

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    Mute Wheresmyjumper
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    Jun 18th 2020, 7:03 PM

    @James Walsh: so if someone takes pride in their Irish Heritage, they can drive a car drunk into the sea, leave a woman in car, take a boat to another town, hide for a night and then call for help? Good to know

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    Mute Cowboy Paddy
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    Jun 18th 2020, 7:45 PM

    @Wheresmyjumper:
    No… But bringing up her brother’s bad choice over 50 years ago during the announcement of her death takes a special kind of thinking…

    You could talk about all the wonderful things her family did

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    Mute Wheresmyjumper
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    Jun 18th 2020, 8:16 PM

    @Cowboy Paddy: i didn’t bring him up another poster did, he got away lightly, more than just a bad choice his family connections got him off murder

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    Mute Cowboy Paddy
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    Jun 18th 2020, 11:52 PM

    @Wheresmyjumper:
    Have you any proof of murder?

    If you do why do with hold it from the Police all this time?

    3
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    Mute Teresa Ryan
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    Jun 19th 2020, 5:41 PM

    @James Walsh: He still left a woman to drown. There’s no getting away from that.

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    Mute James Walsh
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    Jun 19th 2020, 9:05 PM

    @Teresa Ryan: I was talking about the Kennedy family in general, and not Ted in particular.

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    Mute Garreth Byrne
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    Jun 18th 2020, 2:49 PM

    She was one of the good Kennedys. She served her society well. She was a friend of the old country. R.I.P.

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    Mute tuco
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    Jun 18th 2020, 3:05 PM

    Rip to a great woman.she really held Ireland in her heart.the last bloodline of the famous Kennedy dynasty

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    Mute Emer Caffrey
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    Jun 18th 2020, 3:32 PM

    Ah, such a lovely woman, rest in peace

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    Mute Sylvia O'Regan
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    Jun 18th 2020, 2:20 PM

    She had an interesting life. RIP.

    That being said, I hope that these political dynasties are coming to an end. Power shouldn’t be concentrated.

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    Mute Ben Keohane
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    Jun 18th 2020, 5:15 PM

    @Sylvia O’Regan: not sure about the comment about dynasties. Her whole family were devoted to politics.

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    Mute John Caplis
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    Jun 18th 2020, 7:31 PM

    @Ben Keohane: And unfortunately they paid dearly for it. Both Jack and Bobby Kennedy helped to save the world from nuclear war during the Cuban Missiles Crisis. I wonder how the current president would have handled it?

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    Mute Cowboy Paddy
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    Jun 18th 2020, 7:38 PM

    @Sylvia O’Regan:
    Actually Jean was not a politician and never ran in a race in her life.

    She was diplomat and done a great service for Ireland and for that we can be forever thankful. This help to Ireland from the Kennedy’s was in a long line of help her family gave to Ireland .

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    Mute John Waters
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    Jun 18th 2020, 5:42 PM

    A strong lady driven by ambition and the will to help people of all race or religion.Did great work for disabled and disadvantaged children.Has left
    a wonderful legacy like here brothers before her .You have earned your rest
    R.IP.

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    Mute Raymond Power
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    Jun 18th 2020, 5:20 PM

    According to the embassy jfk visited Ireland “fifty five years ago” I’ll just leave that here…

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    Mute Tony Lyons
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    Jun 18th 2020, 5:24 PM

    @Raymond Power: after he died very good

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    Mute Martina Lowe
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    Jun 18th 2020, 5:35 PM

    A great lady I had da pleasure of meeting

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    Mute Martina Lowe
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    Jun 18th 2020, 5:31 PM

    A lovely lady I had da pleasure of meeting her in 1994 in Tullamore was great to have met 1 of da famous Kennedy clan

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    Mute Martina Lowe
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    Jun 18th 2020, 5:34 PM

    A lovely lady I had da pleasure of meeting her in 1994 in Tullamore was great to have met 1 of da famous Kennedy clan

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