Tapestry Inc., the parent company behind brands Coach, Stuart Weitzman and Kate Spade, is reportedly set to acquire Capri Holdings for $8.5 billion.
Capri Holdings holds three major luxury brands – Versace, Michael Kors and Jimmy Choo – under its umbrella.
According to Tapestry CEO Joanne Crevoiserat, the six brands will be able to pull in $12 billion in annual revenue combined.
“The combination of Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities, and shareholders around the world,” Crevoiserat said in a statement.
