Kate Spade News

By Aishwarya Venugopal

Fashion company Tapestry says 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

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Tapestry, parent company of luxury handbag and accessories retailer Coach, is buying the owner of fashion brands including Michael Kors, Versace and Jimmy Choo, Capri Holdings

Tapestry Inc., the owner of brands including Coach and Kate Spade, agreed to acquire Michael Kors parent Capri Holdings Ltd. in an $8.5 billion deal that shows the wave of consolidation in the luxury goods sector is far from finished. The New York-based firm is paying a $57 per share in cash, according to a statement Thursday, a 65% premium over Capri's last closing price. The transaction is expected to close in 2024, subject to approval by regulators and Capri shareholders. “We are confident this combination will deliver immediate value to our shareholders,” Capri Chief Executive Officer John Idol said in the statement. “By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands.” Tapestry shares fell as much as 6% in early trading before paring their decline. Capri was up 59%. Capri's shares have tumbled recently as a pullback in spending by US consumers in department stores dented sales of the mass-market Michael Kors brand.

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