Acquisition turns Tapestry into a $12 billion group
Tapestry, the parent group of Coach, Stuart Weitzman and Kate Spade, is to acquire Capri Holdings, whose brands are Versace, Michael Kors and Jimmy Choo, for $8.5 billion. The two New York-based groups made the announcement on August 10.
On making the announcement, Tapestry said all six brands had global reach and complemented each other well.
The new, expanded Tapestry group will have annual sales in excess of $12 billion. Chief executive, Joanne Crevoiserat, said: “We are ready to leverage our competitive advantages across a broader portfolio of brands. The combination 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.”
Her counterpart, John Idol, said he hoped the tie-up would provide new opportunities for Capri employees as part of a larger, 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 DNA of our brands,” he said.
Image: Jimmy Choo.
