Tapestry merger with Versace owner Capri gets EU, Japan approval

📆 4/15/2024 9:16 AM
📰 ChannelNewsAsia

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Coach parent Tapestry's $8.5 billion deal to buy Michael Kors owner Capri Holdings has received regulatory clearance from the European Union and Japan, the companies said on Monday.

Products are displayed in the window of the Jimmy Choo store in New York City, U.S., April 24, 2017. REUTERS/Brendan McDermid/ File photo

The merger, which would bring top luxury labels such as Tapestry's Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace under one roof, still awaits approval from the United States. A merger between the two companies would help Tapestry compete better with Paris-listed LVMH in the European luxury market, even as demand for expensive handbags and accessories remains choppy in the United States.

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