Sunday November 29, 2020

Michael Kors funnels $2 billion Versace deal through Ireland

Swiss arm of company also transferred entire right to Irish subsidiary via loan note worth €527m

Barry J Whyte

Chief Feature Writer

@whytebarry

Killian Woods

Business reporter

@killianwoods
7th April, 2019

The fashion firm Michael Kors has financed its acquisition of the Versace empire by funnelling nearly €2.5 billion worth of loans through its Irish arm in the last three years, company filings show.

Michael Kors announced it was buying the Versace group in September last year for more than $2.1 billion in a move which would see the newly merged company change its name to Capri Holdings.

A recent filing by the company showed that the...

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