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Capri's shares are down almost 80% from a decade ago, and fell further on the news that the acquisition fell through. Tapestry, meanwhile, saw a 9% stock bump on Thursday, with investors and ...
In a stunning turn of events, a judge ruled in favor of the U.S. government and blocked the proposed merger between handbag and fashion rivals Capri Holdings (NYSE: CPRI) and Tapestry (NYSE: TPR ...
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 ...
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.
Tapestry has been on an acquisition binge for the past several years, and already owns Kate Spade New York, Stuart Weitzman and Coach. Capri owns the Versace, Michael Kors and Jimmy Choo brands. Specifically, Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand are close rivals in the handbag market.
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 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.
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.