Tapestry has purchased Capri Holdings for $8.5 billion in cash
Say hello to the new luxury behemoth on the block. Tapestry, which owns Coach, Stuart Weitzman, and Kate Spade, has acquired Capri Holdings, the parent company of Michael Kors, Versace, and Jimmy Choo. Tapestry had paid $8.5 billion cash for the latter in what’s set to be the first American fashion conglomerate to rival its European counterparts such as LVMH and Kering. According to the New York Times, all companies under the umbrella will now operate under the Tapestry name. NPR reports that once the deal goes through, estimated to be next year, Tapestry will become the fourth largest
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