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Tapestry acquires Capri in 8.5 billion US dollars deal

Aug 10, 2023 United States
Tapestry acquires Capri in 8.5 billion US dollars deal
The two houses announced that they have entered into a definitive agreement under which Tapestry will acquire Capri Holdings. Under the terms of the transaction the total enterprise value will be of approximately 8.5 billion US dollars
This acquisition brings together six brands with global reach. The combined company generated global annual sales in excess of 12 billion US dollars with a presence in over 75 countries and achieved nearly 2 billion US dollars in adjusted operating profit in the prior fiscal year.

Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., commented: “We are excited to announce the acquisition of Capri Holdings – uniting six iconic brands and exceptional global teams. Tapestry is an organization with a passion for building enduring brands through superior design and craftsmanship and an unwavering focus on our customers. Importantly, we’ve created a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results. From this position of strength, we are ready to leverage our competitive advantages across a broader portfolio of brands. The combination of Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities, and shareholders around the world.”

“Today’s announcement marks a major milestone for Capri. It is a testament to all that our teams have achieved in building Versace, Jimmy Choo, and Michael Kors into the iconic and powerful luxury fashion houses they are today (...) By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands”, added John D. Idol, Chairman and Chief Executive Officer of Capri Holdings Limited.

Tapestry is forecasting a 200 million US dollars run-rate cost synergies within three years of deal closing. Today, a 17% increase in Tapestry's dividends per share has also been announced.

Image credits: Tapestry

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