Centric Brands Brand & Lifestyle Brand Licensing Fashion & Accessories Retail 

Brand licensing company Centric Brands files for bankruptcy

Considering the weak growth in apparel sales in recent years, New York based, Centric’s Brands were likely already experiencing some challenges. The COVID-19 pandemic has only made that worse, as consumers have less need than ever for clothes for work or special events, and are pulling back on spending with many stores still temporarily closed and economic uncertainty looming. Apparel sales plunged 89% in April, with most retail stores closed due to the outbreak, after dropping more than 50% in March, when some stores were still open for part of…

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Fashion & Accessories 

Its official! Michael Kors acquires Versace for $2.12 billion

It’s official now! In the race to build America’s first-ever luxury conglomerate, Michael Kors Holdings, now renamed Capri Holdings, has acquired the world-famous Italian fashion house Versace for a value of approximately USD 2.12 billion, including debt. The primary cash deal — with only €150 million in stock is expected to close in the fourth quarter of 2019, reduce earnings in the first year, but contributing profits starting in year two. “This is a very exciting moment for Versace. It has been more than 20 years since I took over…

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