Big fashion is getting bigger. Parent of Coach will buy Versace owner Capri in $8.5 billion deal

KIFI

Published August 10, 2023 5:18 AM

By MICHELLE CHAPMAN
AP Business Writer

NEW YORK (AP) — Tapestry, 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. The approximately $8.5 billion deal will strengthen Tapestry’s foothold in the luxury space as it looks to take on fierce competition. Companies in the U.S. have been banding together as they look to match up better against European rivals such as LVMH and Kering.

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