Coach owner Tapestry to acquire Michael Kors, Jimmy Choo parent Capri Holdings for $8.5 billion
Publishing timestamp: 2023-08-10 11:59:53
Summary
Tapestry, the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in an $8.5 billion deal. The transaction will create an American fashion giant that will be better positioned to compete in the luxury market. The deal brings together six fashion brands and will allow Tapestry to reach a broader base of customers across different age groups and income levels. The acquisition is not influenced by current market dynamics but is part of the long-term strategy of the combined companies. The deal is expected to close in 2024 and is funded through bridge financing and cash.
Sentiment: NEUTRAL
Keywords: walt disney co, tapestry inc, breaking news: business, business news, kate spade, capri holdings ltd, business, retail industry,