The combined businesses will be the fourth-largest luxury company in the world with a market share of around 5.1 per cent
Tapestry, the owner of brands including Coach and Kate Spade, agreed to acquire Michael Kors’ parent Capri Holdings in an $8.5 billion deal that shows the wave of consolidation in the luxury-goods sector is far from finished.
New York-based Tapestry is paying $57 a share in cash, according to a statement Thursday, a 65 per cent premium over Capri’s last closing price. The $8.5 billion enterprise value includes $1.7 billion in net debt. The transaction is expected to close in 2024, subject to approval by regulators and Capri shareholders.
, according to GlobalData analyst Neil Saunders. In the Americas, it will be the second-largest player behind LVMH, he added. By adding Versace to its brands, the acquisition gives Tapestry its first direct access to a European luxury marque. Capri bought Versace in 2018 and has focused on increasing the brand’s sale of handbags and other accessories, successfully boosting revenue.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coach owner to buy Michael Kors parent in $8.5 billion dealCapri acquisition an attempt to try to compete more strongly against luxury’s top players via IrishTimesBiz
Read more »
Michael Owen is right - more added time and 100-minute matches are a bad ideaThis will be the season of additional additional time, but it's a bad idea, writes gcooney93
Read more »
Michael Walker: Premier League is on the way to becoming a battle of the top eightWere Manchester City and Pep Guardiola not so brilliant, and rich, this would be a genuinely intriguing contest
Read more »
Hooper and Cooper left out of Australia squad for Rugby World CupHead coach Eddie Jones backs youth to earn Wallabies a third title in France
Read more »
Steve Borthwick puts faith in Saracens spine as England aim for redemptionEngland coach can ill-afford to lose a second World Cup warm-up to Wales
Read more »