Tapestry To Buy Capri Holdings For $8.5 Bln

(RTTNews) - Tapestry, Inc. (TPR), an American fashion holding company with brands including Coach, Kate Spade, and Stuart Weitzman, Thursday announced its decision to acquire Capri Holdings Limited (CPRI) for a total enterprise value of about $8.5 billion.

As per the deal, shareholders of Capri Holdings, a fashion luxury group consisting of Versace, Jimmy Choo, and Michael Kors, will get $57 per share.

The combined company with presence in more than 75 countries generated annual sales of above $12 billion, and adjusted operating profit of nearly $2 billion in the previous fiscal year.

"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," said Joanne Crevoiserat, chief executive officer of Tapestry, Inc.