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Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
Coach parent Tapestry will buy Michael Kors owner Capri Holdings in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. U.S. luxury firms have consistently lagged their European peers in scale, limiting their ability to compete better. Paris-listed LVMH owns 75 brands, including U.S. jeweler Tiffany and fashion labels Louis Vuitton and Dior. Thursday’s deal will also bring under one roof Tapestry’s more affordable luxury brands Kate Spade, Stuart Weitzman and Capri’s Jimmy Choo and Versace labels. “Scale appears to
August 10, 2023