Capri Holdings Limited (owner of Michael Kors, Versace and Jimmy Choo) has signed a deal to buy Italian shoemaker Alberto Gozzi, which will initially become the footwear producer for Versace and Jimmy Choo.
The Italian eyewear group has bought a 70% stake in Blenders Eyewear LLC from Chase Fisher, who founded the company in 2012 and remains as CEO with a 30% interest. The company’s full valuation was $90 million.
The international fragrance company responsible for the perfume offerings of brands including Montblanc, Jimmy Choo and Coach, expects to report revenues of 500 million euros ($554 million) in 2020, up 4.2% from 2019.
Capri Holdings faced some challenges in Q2 but the company is upbeat about the prospects for its trio of power brands as Versace gains traction, Michael Kors returns to positive comparable sales and Jimmy Choo expands.
The fragrance company announced increases in its income for the third quarter and the first nine months of 2019 on Tuesday, as sales of Montblanc “Explorer” and Guess legacy fragrances drove top-line growth.