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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.
Following the termination of the merger agreement, Tapestry will redeem $6.1 billion in senio ... The company will update its outlook at its next ... This article Tapestry And Capri Call Off $8.5B ...
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.
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.
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 latest luxury fashion M&A deal drew a mixed response from pros on Wall Street and in the industry.
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 ...