Michael Kors Acquires Versace
The fashion company announced that it’s acquiring Versace for $2.12 billion. The acquisition looks to include the growth of Versace’s annual global revenues to $2 billion US dollars, Increase its global retail footprint from approximately 200 to 300 stores, and accelerate the company’s e-commerce and omni-channel development.
Donatella Versace will continue to lead the company’s creative vision.
The company also announced that Capri Holdings will be the new name to be adopted by Michael Kors Holdings group once it closes the Versace deal. Fashion brand, Jimmy Choo will also be under the new company umbrella.
AT&T Launches a New Advertising Company
The company announced that it’s launching Xandr, a new advertising company which will be led by CEO Brian Lesser.
Xander looks to cover all aspects of the existing AT&T advertising & analytics businesses, including AT&T’s advanced TV business, its data and analytics business, and AppNexus.
According to a company press release, the “advertising company has four key advantages, which include data, premium content, advanced advertising technology and AT&T’s distribution to more than 170 million direct-to-consumer relationships across wireless, video and broadband.”
The tech giant announced that Shazam, a music identification app headquartered in London, is now part of Apple.
The app now offers an ad-free experience for all users.
According to a company press release, Shazam has been downloaded over “1 billion times around the world, and users identify songs using the Shazam app over 20 million times each day.”
According to Techcrunch, citing sources familiar with the deal, Shazam was reportedly acquired for $400 million.