Italian luxury house and other well-known brands under Capri Holdings Limited are set to join American fashion group Tapestry, which already owns Coach. This expansion will see Tapestry’s brand portfolio grow to include Versace, Michael Kors, and Jimmy Choo, alongside its existing brands Coach, Stuart Weitzman, and Kate Spade New York.
This significant transaction, valued at approximately $8.5 billion, was officially announced in the peak of summer. The goal of this acquisition is to unite six highly complementary brands with global reach, as emphasized in a press release. Both Tapestry and Capri Holdings have strategic geographic presences in Asia and Europe, which will be further enhanced by this collaboration.
Beyond capitalizing on their complementary geographical strengths, this partnership aims to leverage the unique assets of both groups. Capri Holdings has established dominance in the footwear and ready-to-wear categories, complemented by Tapestry’s technological infrastructure, data intelligence, and customer relationships.
This alliance is widely seen as a significant move to compete with industry giants in Europe, such as LVMH and Kering. The finalization of this transaction is expected to take place by 2024.
Useful Links:
1. Official Versace Website
2. Michael Kors Online Store
