Jimmy Choo

Capri Holdings Ltd., parent of Michael Kors, Versace and Jimmy Choo, has signed a definitive agreement to acquire Italian atelier and shoe manufacturer Alberto Gozzi Srl in Pistoia, Tuscany. The price of the deal was undisclosed. The transaction is expected to close in the company’s fourth fiscal quarter.

The 15,600-square-foot factory, owned and operated by the Gozzi family since its founding in 1974, has manufactured high-end shoes for many of the world’s top luxury brands over the years, including the Gozzi family’s private label collection. The Gozzi brand is being discontinued and is not part of the acquisition.

Moving forward, the factory will develop and produce shoes exclusively for Capri’s brands Jimmy Choo and Versace. The production of Michael Kors Collection shoes will be added at a later date.

“We are excited to welcome all of Gozzi’s talented craftsmen to the Capri Holdings Group,” said John D. Idol, chairman and chief executive officer of Capri. “This acquisition allows us to further align with the industry’s best practices and to strengthen our technical competencies while cementing our position in the global luxury market.”

Idol was unavailable for further comment regarding the factory’s capabilities and which styles it will specifically be making. Gozzi officials weren’t available for comment.

Capri delivered mixed results in its most recent quarter ended Sept. 28. Total sales increased 5.1 percent to $1.4 billion compared to $1.25 billion a year ago, thanks to the addition of Versace, which was acquired in December 2018. Total income declined to $73 million, down from $138 million a year earlier.

 

For more stories:

Capri Holdings Faces Continued Headwinds With Michael Kors Brand and Political Unrest in Hong Kong

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