KUALA LUMPUR, June 2 (Bernama) -- Designer of luxury accessories and ready-to-wear, Michael Kors, has completed the acquisition of Michael Kors (HK) Ltd, the exclusive licensee of the company in China and certain other jurisdictions in Asia on Tuesday for US$500 million, cash, subject to certain adjustments.
In a statement today, the group said the buy-out was approved by the independent members of its board of directors, upon the recommendation of a special committee.
"We have worked diligently over the past several years, with our licensed partner in this region, to build the infrastructure, establish the brand and grow acceptance of Michael Kors in the Chinese market.
-- BERNAMA
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