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Fortune
Fortune
Paige Hagy

Coach parent buys Versace and Michael Kors owner for $8.5 billion as U.S. big fashion races to catch up with billionaire Bernard Arnault’s European luxury giant LVMH

Bernard Arnault LVMH Luxury Coach Michael Kors Versace CAPRI Tapestry Elon Musk
LVMH chairman and CEO Bernard Arnault with the fashion conglomerate's logo in the background (Credit: Stefano Rellandini—AFP/Getty Images)

Big fashion is in the midst of a U.S.-European arms race.

American fashion brands are merging to become luxury goods giants, but they’re going up against the industry’s French titan, LVMH (Louis Vuitton Moët Hennessy), and its billionaire owner Bernard Arnault, who has been in a tug-of-war with Elon Musk for the title of world’s richest person. 

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