The deal will create an American luxury fashion conglomerate that will rival competitors in Europe, including the fashion behemoth LVMH and Gucci's owner, Kering.
After its acquisition of Capri, Tapestry will house six major luxury brands. Tapestry, formerly known as Coach, is the owner of its former namesake as well as the Kate Spade and Stuart Weitzman brands. Capriis the parent company of Michael Kors, Versace and Jimmy Choo.
Tapestry is paying Capri shareholders $57 a share in cash, representing a premium of nearly 65%. After the deal was announced, Tapestry shares fell 8%, while Capri shares were trading at $54.90.
In a statement, the Tapestry chief executive, Joanne Crevoiserat, said the acquisition "creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities and shareholders around the world".
This story is from the August 11, 2023 edition of The Guardian.
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This story is from the August 11, 2023 edition of The Guardian.
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