Luxury apparel maker Michael Kors Holdings Ltd. (KORS) said Monday it was changing its name to Capri Holdings Limited and will begin trading under the ticker symbol "CPRI" on Wednesday, Jan. 2.
The announcement came after the company said it completed its acquisition of fellow luxury brand Versace for about $2.12 billion.
"With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world," said Chairman and CEO John D. Idol. "Versace has long been recognized as one of the world's leading fashion luxury houses, and is synonymous with Italian glamour and style. We are thrilled that the house of Versace is now part of the Capri Holdings family of luxury brands."
Capri Holdings said it believes the acquisition will help grow the group's annual revenue to $8 billion in the near future. The Versace brand is expected to bring in $2 billion annually to go along with $1 billion in revenue from the Jimmy Choo brand and another $5 billion from the Michael Kors brand.
Michael Kors' stock could use a shot in the arm as the stock has tumbled more than 40% over the past 12 months. The stock peaked above $75 a share in August, but has since traded in a range below $40.
Michael Kors shares closed the previous session down 1.82% to $37.18.