NEW YORK: Tapestry, the owner of US fashion brands Coach and Kate Spade, has announced to acquire Michael Kors and Versace parent company Capri under $8.5 billion deal, western media reported on Friday.
According to reports the unified company will also buy Capri’s Jimmy Choo, a prominent shoe brand.
That development will give Tapestry a portfolio with different brands of shoes and handbags, and a large range of clothes and other accessories.
Coach To Acquire Michael Kors, Versace Under $8.5bn Deal
Tapestry chief executive Joanne Crevoiserat said the merger would create a new powerful global luxury house, giving a unique opportunity to consumers, employees, communities, and shareholders around the world.
Capri CEO John Idol said in a statement, both companies will have greater resources and capabilities after the merger and would help to accelerate the expansion of our global reach.
The merger will help the American fashion houses to expand the global operations across 75 countries. Last year, the two companies generated $12bn in revenue.
