Acquisizioni e Fusioni Aziendali nel settore della moda: Capri Holdings Limited

Mergers and acquisitions have increasingly become an important part of the corporate strategy of many companies. Fashion and luxury is one of the most important industries for numbers of deals and for the strategic use of M&A for business growth. The reasons why the controlling shareholders sell the company may be negative (like a corporate crisis or a difficulty in generational transition) or positive (injection of greater capital for international expansion). Who buys is often a large fashion or luxury group, for example one of the three largest (LVMH, Kering, Richemont) or a private equity fund. In this dissertation the analysis is concentrated on the Capri Holdings Limited and the two main acquisitions that it has made in the pasts 3 years: Jimmy Choo (2017) and Versace (2018). The first chapter is an introduction and explanation of the mergers and acquisitions methodologies with a focus on the acquisitions in the fashion and luxury industry, how it is developed and which are the main reasons these operations are made. The second chapter is an overview over Capri Limited Holdings. The 31st of December 2018 the name was changed from Michael Kors Holdings Ltd to Capri Holdings Limited. Therefore, are explained the two important acquisitions made by Capri Holdings Limited. Jimmy Choo was acquired in 2017 for $1.2 billion. Choo has performed well since it rose to fame in the late 90s through its tie-in with HBO's “Sex and the City” series. Kors, meanwhile, has lost 65% of its market value since 2014 as sales of its handbags have sagged at department stores. “The luxury footwear category is one of the fastest growing categories, certainly faster than the accessories category,” said Idol (Capri CEO's), adding that he will be looking for more brands to buy. For that reason, in 2018 there was the acquisition of Versace for $2.1 billion. The bet on Versace came because the U.S. group looked to refresh the downmarket image of the Michael Kors brand and recover some of its pricing power. But it also aimed at reviving Versace, which returned to a net profit the year before of the acquisition. Moreover, are described the main differences between the two operations and how they have maintained their brands and both their CEOs and creative directors, respectively Pierre Denis as CEO and Sandra Choi as creative director for Jimmy Choo and Donatella Versace continued to remain the face of her namesake brand, leading the brand's creative vision. In the third chapter are displayed the consolidated financial statements presented by the group, the acquisition methods used and the main indexes. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Taking everything into account, the paper focus on the interpretation of these two operations, on one side Jimmy Choo a British high fashion house specialized in luxury shoes, handbags, accessories and fragrances, on the other side Versace, one of the most well-known Italian brands and luxury fashion company which produces upmarket Italian-made ready to wear and leather accessories. Now, together with Michael Kors, are a global fashion luxury group of industry-leading fashion luxury brands led by a world-class management team and renowned designers.