But the marriage — which would have had Tapestry buy Capri at an enterprise value of $8.5 billion — was star-crossed and not to be. the buyout on the grounds that it would give Tapestry control of more than 58 percent of the accessible luxury handbag market.
“A lot of brands considering making acquisitions should be concerned about a filing — particularly conglomerates,” he said. “It makes one wonder how LVMH, Kering and Richemont have been able to operate unfettered in the U.S.?” It was an expensive adventure that ultimately will have weighed the company down with more than $450 million in pretax costs, including interest expense on debt raised but never used, as well as bankers, lawyers and Capri’s costs.
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