Tapestry, the owner of brands including Coach and Kate Spade, agreed to acquire Michael Kors’ parent Capri Holdings in an $8.5 billion deal that shows the wave of consolidation in the luxury-goods sector is far from finished.
New York-based Tapestry is paying $57 a share in cash, according to a statement Thursday, a 65 per cent premium over Capri’s last closing price. The $8.5 billion enterprise value includes $1.7 billion in net debt. The transaction is expected to close in 2024, subject to approval by regulators and Capri shareholders.
, according to GlobalData analyst Neil Saunders. In the Americas, it will be the second-largest player behind LVMH, he added. By adding Versace to its brands, the acquisition gives Tapestry its first direct access to a European luxury marque. Capri bought Versace in 2018 and has focused on increasing the brand’s sale of handbags and other accessories, successfully boosting revenue.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: businessposthq - 🏆 8. / 71 Read more »