Tapestry Buys Michael Kors, Jimmy Choo parent Capri
– Confirms definitive agreement to acquire Capri Holdings for $57.00/share in cash (total enterprise value approx. $8.5 bln)
Pre-Market:
$CPRI 54.55, +19.94, +57.6%
$TPR 38.60 -2.64 -6.40%
Coach owner Tapestry is buying Capri Holdings, the parent company of Michael Kors, for $8.5 billion.
This represents one of the biggest acquisitions in the fashion industry in recent years.
The new deal gives Tapestry greater influence in the luxury market and could bolster growth internationally.
Capri is the parent company of well-known fashion brands Michael Kors, Versace, and Jimmy Choo.
This new deal represents one of the biggest acquisitions in the fashion industry in recent years, creating a combined company with annual revenues of $12 billion. And it could give Tapestry greater influence in the luxury market to take on European powerhouses LVMH and Kering, which own a string of luxury brands including Louis Vuitton, Tiffany’s, and Gucci.
