NYC’s luxury conglomerate, Tapestry Inc., is set to acquire Capri Holdings for $8.5 billion, combining brands like Coach, Kate Spade, Stuart Weitzman, Versace, Michael Kors, and Jimmy Choo.
On Thursday, the acquisition was announced after obtaining board approvals. The Associated Press stated that Capri’s shareholders must still approve the deal, but it’s projected to be wrapped up by 2024.
“Tapestry is an organization with a passion for building enduring brands through superior design and craftsmanship and an unwavering focus on our customers,” Tapestry CEO Joanne Crevoiserat said. “The combination of Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors 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.”
Tapestry and Capri collectively bring in $12 billion in revenue across 75+ countries. The deal aims to produce about $200 million in cost synergies within three years.
Executives from both companies note the deal’s aim to enhance Tapestry’s competitiveness against giants like Kering and LVMH. This acquisition will elevate Tapestry to the fourth-largest luxury company globally and the second-largest in North America, just behind LVMH.
“Today’s announcement marks a major milestone for Capri,” said John D. Idol, Capri chairman and CEO. “We are confident this combination will deliver immediate value to our shareholders. It will also provide new opportunities for our dedicated employees worldwide as Capri becomes part of a larger and more diversified company. By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands.”
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