Michael Kors names Andrea Pesaresi President of Men’s and acquired Versace

Michael Kors, a global fashion luxury group, is pleased to announce that Andrea Pesaresi has been named President of Michael Kors Men’s. He will report to John D. Idol, the company’s Chairman and Chief Executive Officer. Mr. Pesaresi’s appointment will be effective October 15, 2018. Mr. Pesaresi was most recently at Philippe Model, where he served as Chief Executive Officer. Prior to that, Mr. Pesaresi was at Ermenegildo Zegna for 25 years, where his most recent role was brand director of Z Zegna and Licensing which encompassed product development, brand strategy, international expansion and marketing.

“Andrea has been in the industry for 30 years and comes to us with extensive knowledge of the evolving luxury men’s marketplace,” said Mr. Idol. “Andrea will provide the necessary leadership to enable us to achieve our goal of developing the Michael Kors menswear business to $1 billion in revenue.”

“I look forward to joining the Michael Kors team,” says Mr. Pesaresi. “It is a very exciting time in the men’s industry, and the Michael Kors iconic brand DNA provides a great foundation for growth.” Michael Kors Holdings Limited is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship. Its brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and apparel as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products. The Company’s goal is to continue to extend the global reach of its brands while ensuring that they maintain their independence and exclusive DNA. Michael Kors Holdings Limited is publicly listed on the New York Stock Exchange under the ticker Kors.

Michael Kors Holdings announced that a definitive agreement has been signed to acquire all of the outstanding shares of Italian luxury fashion house Gianni Versace S.p.A. for a total enterprise value of approximately US$2.12 billion. Versace, long recognized as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style. Capri Holdings Limited (NYSE: CPRI) is the new name to be adopted by Michael Kors Holdings Limited upon the closing of the acquisition. John D. Idol, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, 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…”