Capri Holdings may have to let go of its image as a luxury fashion house and bank on mid-tier pricing as well as a partnership with Amazon.com for its Michael Kors brand following its $1.4 billion sale of Versace to Prada. After Italy’s Prada struck a deal to buy smaller rival Versace on Thursday, Capri CEO John Idol said that the company could make “accelerated strategic investments” in Michael Kors, the clothing and accessories brand it still holds in addition to footwear brand Jimmy Choo. Capri had been exploring alternatives for both Versace and Jimmy Choo after the $8.5 billion sale of Capri to peer and Coach-owner Tapestry fell apart in November.
Yahoo! Finance: CPRI News
