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Evening Standard

Business

Daniel O'Boyle

Coach owner buys Versace parent company to create new US luxury fashion giant

Versace Coach Luxury United States Tapestry CAPRI Jimmy Choo Michael Kors Capri Holdings Kate Spade

Coach and Kate Spade owner Tapestry is to buy the company behind Michael Kors, Versace and Jimmy Choo, Capri Holdings, for $8.5 billion to create a new American luxury fashion giant.

Tapestry will pay $57 for each share of Capri, creating a business with global sales of more than $12 billion a year and annual profits of close to $2 billion.

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