Coach parent to buy Versace owner for $8.5B

By Associated Press

Aug 12, 2023 12:18 am

NEW YORK CITY: Tapestry, the parent company of luxury handbag and accessories retailer Coach, is buying the owner of fashion brands including Michael Kors, Versace and Jimmy Choo, Capri Holdings.

Big fashion has been getting even bigger through a spate of acquisitions as US players seek more sway in Europe. The approximately $8.5-billion (7.7-billion-euros) deal puts Tapestry in a better position to do just that in going-to-toe with rivals like LVMH and Kering.

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