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Coach owner acquires Michael Kors, Jimmy Choo and Versace



Combined sales for the two American luxury conglomerates totaled $12 billion last year.
Tapestry Inc., the fashion house that owns brands such as Coach, Kate Spade, and Stuart Weitzman, has announced its acquisition of Capri Holdings, which owns the brands Michael Kors, Jimmy Choo, and Versace.

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Tapestry will pay $57 in cash for each Capri share, a 65% premium over the holding company's stock value at the close of trading on August 9th. The total value of the deal is approximately $8.5 billion.

Combined sales for the two American luxury conglomerates totaled $12 billion last year. Upon completion of the deal, the merged company will operate under the Tapestry brand.

The decision for these conglomerates to merge comes during a challenging period for luxury producers. Both companies have reported declining sales in the US this year, attributed to Americans seeking to save amid high inflation. The leadership of Tapestry and Capri emphasized that bringing together six brands under one roof will broaden their consumer base and simultaneously enhance production resources.

Following the announcement of the deal, Tapestry's stocks experienced a 13.5% decline, whereas Capri's stocks, on the contrary, surged by more than 56%.

Tapestry Inc. is a multinational luxury fashion holding company based in New York City, United States. It is known for owning and operating several prominent fashion brands. The company was previously known as Coach Inc. until it changed its name to Tapestry Inc. in 2017 to reflect its evolving portfolio of brands beyond just Coach.

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