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The companies agreed to a $8.5 billion deal in August 2023 that would have united Capri, the maker of Versace, Jimmy Choo and Michael Kors shoes, handbags and accessories, with Tapestry, which ...
Tapestry will also reimburse Capri $45 million for transaction-related expenses. Recently, a judge blocked the acquisition by Tapestry, which the companies planned to appeal the ruling .
With Tapestry's $8.5 billion merger with luxury retail peer Capri called off, CIO Yang Lu can dedicate her focus on innovative technologies, like artificial intelligence.
The agency also said that the deal announced in August 2023 threatens to eliminate the incentive for the two companies to vie for employees and could depress employees’ wages and workplace benefits. The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said.
The agency also said that the deal announced in August 2023 threatens to eliminate the incentive for the two companies to vie for employees and could depress employees’ wages and workplace benefits. The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said.
The latest luxury fashion M&A deal drew a mixed response from pros on Wall Street and in the industry. Tapestry stock dives while Capri skyrockets as investors question mega merger [Video] Skip to ...
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.
Tapestry announced it would acquire Capri Holdings in August 2023 for $8.5 billion. [10] Capri owns the brands Versace, Michael Kors, and Jimmy Choo. [11] The U.S. Federal Trade Commission sued to block the acquisition in April 2024 citing reduced competition between their brands, like Coach and Michael Kors, in the affordable luxury handbag ...