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Michael Kors Brand Purchased for $8.5 Billion



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Michael Kors has a new – and well-known – owner!
Coach’s parent company Tapestry, which also owns Kate Spade and Stewart Weitzman, announced it would spend $8.5 billion to acquire Capri Holdings, the parent company of Michael Kors, along with Versace and Jimmy Choo.
“This combination expands our global reach,” Tapestry CEO Joanne Crevoiserat said in a conference call reported by Yahoo! Finance.
According to Reuters, the deal will create a U.S. fashion powerhouse to challenge larger European rivals for a more significant share of the global luxury market.
Analysts told Reuters the deal “will help Capri revive its Michael Kors brand under ‘better management’ at Tapestry after weak sales in the past few quarters.