Tapestry has successfully acquired Capri Holdings for a total value of $8.5 billion. This strategic deal unites a remarkable array of iconic brands, including Coach, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, and Michael Kors, all housed under the same umbrella.
Shareholders of Capri Holdings will receive $57 per share in cash, solidifying the creation of a fashion powerhouse that boasts an impressive portfolio and an extensive global presence. The combined businesses, which achieved annual sales exceeding $12 billion and an adjusted operating profit of nearly $2 billion in the previous financial year, have established a foothold in over 75 countries.
Joanne Crevoiserat, CEO of Tapestry, Inc., expressed enthusiasm about the acquisition, highlighting the fusion of these esteemed brands and their exceptional global teams. She emphasized Tapestry’s commitment to creating enduring brands through exquisite design, craftsmanship, and customer-centric strategies. Crevoiserat also underscored the organization’s data-driven consumer engagement platform, which has been instrumental in achieving innovation, agility, and robust financial performance.
John D. Idol, chairman and CEO of Capri Holdings Limited, hailed the announcement as a significant milestone for the company. He praised the transformation of Versace, Jimmy Choo, and Michael Kors into powerful luxury fashion houses and expressed confidence in the immediate value the combination would bring to shareholders. Additionally, Idol emphasized the positive impact on the dedicated employees worldwide as Capri becomes part of a larger, more diversified entity.