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Tapestry, a New York-based house of luxury that has Coach, Kate Spade New York, and Stuart Weitzman in its portfolio, is expanding its business further by acquiring Capri Holdings Limited for $8.5 billion. This deal will propel the company into a better position while competing in the global luxury market.
Capri Holdings is one of Tapestry’s rivals in the fashion industry, and it is home to world-renowned luxury brands - Michael Kors, Versace, and Jimmy Choo. And as reported by CNBC, the merging of the two companies through the acquisition deal will put together six iconic brands, effectively boosting the size and scale of the companies' businesses.
Moreover, Capri Holding’s purchase of Tapestry will also allow it to further expand its presence and reach more customers around the world. Joanne Crevoiserat, the chief executive officer of the Coach owner, said they also expect to have a presence in over 75 countries and rake in more than $12 billion in yearly earnings. And while it may not be as big as its European rivals, it will become an American fashion giant that can compete and fare very well in the business.
She further told CNBC in an interview that having Capri’s brands in Tapestry’s portfolio will help the company tap into a broader customer base across all ages and incomes. This is because Michael Kors attracts a diverse range of customers, and young people like it too, while Jimmy Choo and Versace draw in upper-income individuals.
“We are excited to announce the acquisition of Capri Holdings – uniting six iconic brands and exceptional global teams,” Crevoiserat said in a statement. “Tapestry is an organization with a passion for building enduring brands through superior design and craftsmanship and an unwavering focus on our customers.”
She added, “The combination of Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities, and shareholders around the world.”
In a separate press release, John D. Idol, Capri Holding’s chairman and CEO, said, "As announced today, the planned acquisition of Capri Holdings by Tapestry marks a major milestone for our company. It is a testament to all that our teams have achieved in building Versace, Jimmy Choo, and Michael Kors into the iconic and powerful luxury fashion houses they are today.”
Photo by: Tapestry Press Release
