The American luxury group behind Coach and Kate Spade, has agreed to buy the owner of Versace in an $8.5 billion deal to forge a fashion powerhouse.
Tapestry’s takeover of Capri Holdings, which also owns Jimmy Choo and Michael Kors, will create a bigger business that executives hope will better match the scale of rival European operators, such as LVMH.
By paying investors in Capri $57 a share, Tapestry is offering a premium of 65 per cent. Shares in Capri rallied $19.29, or 55.8 per cent, to close at $53.90 in New York. Investors in Tapestry balked, however. Shares in the business endured their worst day of trading in more than a year after it announced the planned acquisition, dropping by $6.56, or 15.9
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