In order to justify the layoff plan, Michael Kors highlighted the decline in the performance of the brand in France. According to other sources, Michael Kors' staff in the Munich office in Germany also cut 5 to 10 employees. As of now, Michael Kors has not responded to the layoffs. In the past two years, from the acquisition road, the group changed its name, the brand action has been continuous.
Just after the end of Milan Fashion Week last year, luxury goods group Michael Kors Holdings Ltd. announced that the group has acquired Italian luxury brand Gianni Versace SpA for the final price of 2.12 billion US dollars (about 14.57 billion yuan) and provided it to Versace. The family purchase price of 150 million euros. Then, Michael Kors announced that the group name will be changed from Michael Kors Holdings to Capri Holdings.
In addition, according to reports, one of the starting points for Capri's acquisition of Versace is to get rid of its original model of relying on the development of a single brand Michael Kors, and to increase the product portfolio to make the group more diversified. And Versace is not the first brand acquired by the group that is higher than its own positioning. As early as 2017, Capri defeated competitors to acquire British footwear brand Jimmy Choo for $1.2 billion.
However, after Michael Kors frequently moved in the past two years, the stock price of the group has not risen sharply, but fell by 8.2% to 66.7 US dollars. This phenomenon undoubtedly expresses that the market is not optimistic about this acquisition. On the other hand, it believes that the transaction amount is too Too high, and on the other hand, concerns about the current operating model of the group. To date, a spokesperson for Michael Kors declined to comment on the incident.
In addition, on March 29 this year, according to Women's Daily, American designer Michael Kors has withdrawn from the board of Capri Group on March 29, in this multi-brand fashion luxury group developed by his eponymous brand, he The label is being gradually weakened.
The Capri Group filed a filing with the US Securities and Exchange Commission that Kors’ departure is in line with the group’s current position, a fashion luxury group led by three iconic founders, “having world-class reputation for design and innovation” .
For the Capri Group, Kors' departure from the board may allow the group to continue to be Americanized and become more international.
