: Tapestry near deal to buy Capri, parent company of Michael Kors and Versace: report

by | Aug 9, 2023 | Stock Market

Fashion company Tapestry Inc. is close to a deal to buy Capri Holdings Ltd., the parent company of Michael Kors, Jimmy Choo and Versace, the Wall Street Journal reported late Wednesday. According to the Journal, the acquisition could be announced as soon as Thursday.

It was unclear how much the deal could be worth, but the Journal said it would likely be in the high single-digit billions. Capri
has a market value of about $4.1 billion, while Tapestry
which owns the Coach and Kate Spade brands, has a market cap around $9.6 billion. Such a deal would be the one of the largest fashion-industry acquisitions in recent years. In May, Capri swung to a loss in its fiscal fourth quarter as revenue slid more than 10%. The stock is down nearly 40% year to date. Tapestry reported fiscal third-quarter earnings in May that beat estimates, and the company raised its full-year guidance. Its shares are up 8% year to date.

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