Shares of Capri surged 56% in early trading to just under the $57 per-share deal price, while shares of Tapestry fell roughly 12%.
Crevoiserat said the timing of the acquisition is based on the long-term strategy of the combined companies, not on current market dynamics. Yet she said the larger company will be able to better keep up with fast-changing customer tastes and the ups and downs of a global economy.as it cut its forecast. On an earnings call, the company said it saw weaker sales not only of Michael Kors, but also of its luxury brands Versace and Jimmy Choo, particularly at department stores.
Tapestry has also looked other parts of the world to drive growth, such as chasing higher sales in China. Capri CEO Idol said the deal will give the company"greater resources and capabilities" to expand its global reach.
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