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In her new role as Tapestry CIO, Lu was ready to apply that same playbook to Capri—owner of the Versace and Michael Kors brands—which Tapestry was set to acquire for $8.5 billion.
Following the termination of the merger agreement, Tapestry will redeem $6.1 billion in senio ... This article Tapestry And Capri Call Off $8.5B Deal Amid Legal Hurdles originally appeared on ...
Fashion company Tapestry on Thursday said it's terminating its proposed merger with Capri because the two luxury groups don't expect to overcome an antitrust challenge within an acceptable time frame.
The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said. The two companies' brands cover a wide array of items from clothing to eyewear to shoes. Tapestry has been on an acquisition binge for the past several years, and already owns Kate Spade New York, Stuart Weitzman and Coach.
The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said. Tapestry said in an emailed statement to The Associated Press on Thursday that the decision granting the FTC’s request for a preliminary injunction was “disappointing” and “incorrect on the law and the facts.” 10/28/2024 16:16 -0400
The latest luxury fashion M&A deal drew a mixed response from pros on Wall Street and in the industry.
Tapestry and Capri each had their reasons for wanting to join forces. For Tapestry, which gets 76% of its revenue from Coach, a mature brand, the goal of the merger was to find new sources of growth.
Responding to the suit, Tapestry and Capri said they would fight it in court with the aim of closing the transaction by the end of 2024. [16] [17] The merger was blocked on 24 October 2024. [18] Capri and Tapestry committed to appealing the decision, [18] but called off the merger the following month. [19]