Capri Holdings Ltd. is moving some of its footwear production in-house.
The fashion group, which owns Jimmy Choo, Michael Kors, and Versace, announced that it has signed an agreement to acquire Italian shoe manufacturer Alberto Gozzi S.R.L. for an undisclosed amount. The deal is expected to close in the first three months of 2020 during Capri’s fiscal fourth quarter.
“We are excited to welcome all of Gozzi’s talented craftsmen to the Capri Holdings Group,” said John D. Idol, chairman and CEO of Capri Holdings Limited. “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.”
As part of the deal, Alberto Gozzi will develop and produce shoes for Jimmy Choo and Versace. The production of Michael Kors Collection shoes will be added at a later date. The factory, owned and operated by the Gozzi family since its founding in 1974 in Pistoia, Tuscany, has produced high-end shoes for many of the world’s top luxury brands over the years.
The deal marks the first factory acquisition by Capri, which had expanded its portfolio at the end of last year with its purchase of Italian fashion house Versace.