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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 ...
Now Michael Kors' owner Capri has to figure out how to survive without the Tapestry deal. ... which gets 76% of its revenue from Coach, a mature brand, the goal of the merger was to find new ...
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 produces the same products under the Coach, Kate Spade New York, and Stuart Weitzman brands. But the deal has faced numerous obstacles.
Coach's parent Tapestry is spending $8.5 billion to buy the owner of Michael Kors. Brian Sozzi. ... Crevoiserat was named CEO amid deep struggles for the Coach and still newly acquired Kate Spade ...
A Michael Kors retail store in Rehoboth Beach, Delaware. Capri Holdings Limited (formerly Michael Kors Holdings Limited) is a multinational fashion holding company, incorporated in the British Virgin Islands, [3] with executive offices in London [3] and operational offices in New York. It was founded in 1981 by American designer Michael Kors. [4]
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 market. It was also concerned that the deal would negatively impact hiring of workers and their wages. [12] The merger was blocked on 24 October 2024. [13]
Kors is its biggest brand and saw sales sink 14%, with over 20% declines in Europe and Asia. Operating income for the brand, meanwhile, plunged 42%. Things weren't any better for Versace, which ...
The deal, if approved, would place six major fashion brands under one company: Tapestry’s Coach, Kate Spade, and Stuart Weitzman; and Capri’s Versace, Jimmy Choo, and Michael Kors. The FTC ...