What would have been the biggest fashion industry merger since the mid-2000s died today after two major luxury brands confirmed that their $8.5 billion deal is off.
When it was announced last year, the acquisition of Capri by Tapestry was touted as a way to bring several famous brands under the same roof. Tapestry owns Coach, Kate Spade, and Stuart Weitzman, while Capri owns Michael Kors, Versace and Jimmy Choo. The hope was to create an American mini-version of French luxury conglomerate LVMH, albeit one more focused on so-called "affordable luxury."
