Top US duo lead alongside Slaughters as Michael Kors buys Versace for $2bn
Acquisition of Italian fashion house Versace is the latest in a line of deals for Michael Kors
September 26, 2018 at 04:03 AM
2 minute read
The original version of this story was published on Law.com
Cleary Gottlieb Steen & Hamilton, Wachtell Lipton Rosen & Katz and Slaughter and May are advising on fashion giant Michael Kors' $2.13bn (£1.6bn) purchase of iconic Italian brand Versace.
Cleary is acting alongside Milan-based firms Chiomenti and Effevi Legal in advising primary sellers GiVi Holdings, Donatella Versace and Versace chief executive Jonathan Akeroyd, while Rome-headquartered Gianni, Origoni, Grippo, Cappelli & Partners are advising private equity firm Blackstone Group in disposing its 20% stake in the Italian fashion house.
In acting for Michael Kors, Wachtell has partnered with Milan-based firm Orsingher Ortu, while magic circle firm Slaughter and May is advising the New York-headquartered company on the European competition aspects of the deal.
Cleary has deployed a team headed up by Milan-based partner Pietro Fioruzzi and New York partner Kimberly Spoerri, while Wachtell M&A partners Joshua Cammaker and Ed Lee took the lead roles in advising Michael Kors.
Meanwhile, Slaughters fielded a team led by antitrust partner Lisa Wright, assisted by associate Philip McDonald.
The purchase – expected to close in the first quarter of 2019 following regulatory approval – will see Michael Kors Holdings increase the number of Versace stores from 200 to about 300 worldwide, and change its name to Capri Holdings.
Michael Kors' strategy to grow its high-end portfolio saw it last year acquire British shoemaker Jimmy Choo for $1.2bn (£896m), on which it brought in Slaughters and US firm Paul Weiss Rifkind Wharton & Garrison, while Jimmy Choo turned to Freshfields Bruckhaus Deringer.
Photo credit: Christopher Macsurak
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