SEARCH THIS: Although shares of Michael Kors Ltd. shed 9 percent immediately after the company said it inked a deal to acquire Versace for 2 billion euros, consumer interest in the brand soared, according to search optimization firm SEMrush, which tracks searches of fashion brands. “We carried out a study to analyze how this acquisition influenced people’s interest toward these brands,” noted spokeswoman Jana Garanko. “The key takeaways of the study are: Before the acquisition, Michael Kors ranked 24th in the list of the most searched brands globally [the first places were for H&M, Zara and Adidas]. After the acquisition, the searches for the brand increased by 108 percent. Right now, Michael Kors is the number eight most searched [fashion] brand.”
Regarding the stock price, shares have recovered slightly. Post-announcement, the stock is now trading around $67 — well above its 52-week low of $46.70, but below the 52-week high of $75.96.