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The deal, if approved, would put six fashion brands under a single company: Tapestry’s Coach, Kate Spade and Stuart Weitzman, with Capri’s Versace, Jimmy Choo and Michael Kors. Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers’ interest. Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described. In its most-recent fiscal quarter that ended in late June, Michael Kors’ revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period. Gennette, who retired early this year, said the department store’s sales got hit because it leaned too heavily on Michael Kors’ brand.

Persons: Michael Kors, Taylor Swift, Kors, Kate Spade, Stuart Weitzman, Capri’s Versace, Jimmy Choo, you’ll, we’ve, ”, Jeff Gennette, Michael Kors ’ Organizations: Federal Trade Commission, FTC, Tapestry Locations: Manhattan, Capri

☆ In federal trial, Michael Kors says it's harder to sell handbags in TikTok and Taylor Swift era
▼ + stars: | 2024-09-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Designer Michael Kors poses backstage before the Michael Kors Collection Fall 2017 runway show at Spring Studios in New York City on Feb. 15, 2017. The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman, with Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described. Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand. He said the markdown of Michael Kors' handbags contributed to "a bad spiral Macy's was living through when I was there."

Persons: Michael Kors, Taylor Swift, Kors, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, we've, Jeff Gennette Organizations: Spring Studios, Federal Trade Commission, FTC, Tapestry Locations: New York City, Manhattan, Capri

☆ Three key questions that will shape whether Coach and Michael Kors owners will merge
▼ + stars: | 2024-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

In this article CPRITPR Follow your favorite stocks CREATE FREE ACCOUNTPedestrians walk past a Coach store and a Michael Kors store. One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition. And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged. "Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand," he said.

Persons: Michael Kors, Scott Olson, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Joanne Crevoiserat, Biden, LVMH, Louis Vuitton, Crevoiserat, she's, fanny, Chanel, Rebecca Minkoff, Suwon Yang, Saint Laurent, Hermes, Loren Smith, Smith, Kors, Capri Organizations: Federal Trade Commission, Capri, FTC, CNBC, Capri's, Burberry, Tapestry, D.C Locations: New York City, Manhattan, Zara, Suwon, Italy, France, Washington, U.S

☆ Why Malbon Golf welcomed the ‘sweatergate’ social media firestorm
▼ + stars: | 2024-08-30 | by ( Jack Bantock | ) edition.cnn.com time to read: +15 min

The couple’s lifestyle brand, Malbon Golf, had been swept into a social media storm by an eye-catching Masters outfit donned by ambassador and former world No. Nicolas Malinauskas/Malbon GolfStarsThe duo launched Malbon Golf in 2017, with Stephen’s anthropomorphic ball character “Buckets” taking center stage as the brand’s logo. Ross Kinnaird / Getty Images Tom Holland: Part-time web-slinger, full-time golf swinger -- the "Spider-Man" lead is a self-confessed golf addict. Warren Little / Getty Images Stephen Curry: The three-point king of the NBA is also a highly-proficient par-three shooter. Jamie Squire/Getty ImagesFor Malbon Golf, it is simply the latest step in its aim to “condition” the golf world into accepting new styles in the game.

Persons: Stephen, Erica Malbon, Jason Day, Erica, Frank151, —, ’ ”, “, ’ ” Stephen, Nicolas Malinauskas, it’s, ” Erica, “ We’re, — there’s, ” Stephen, ”, Jimmy Choo, Dre, Vince Sirico, Justin Timberlake, Travis Scott, Q, Justin Bieber, Bieber, …, ’, That’s, ” Adam Sandler, Sandler, Gilmore, Shooter McGavin, Christopher McDonald, Al Messerschmidt, Michael Jordan, Davis, Jordan, Isaac Brekken, JT strutting, Matt Sullivan, Catherine Zeta, Jones, Michael Douglas, Douglas, Ross Kinnaird, Tom Brady, Brady, Aaron Rodgers, Josh Allen, Patrick Mahomes, Carmen Mandato, Orlando Ramirez, Jessica Alba, tross, Xaume Olleros, Niall Horan, There's, Tom Holland, Warren Little, Stephen Curry, Isaiah Vazquez, Celine Dion, René Angélil, Dion, Sam Levi, Miles Teller, Alice Cooper, Cooper, Kathryn Newton, Newton, Ezra Shaw, Sandy Young, Little, Tiger Woods, Oscar Wilde’s, Woods, Jamie Squire, Allen Iverson Organizations: CNN, “ City of Angels, ”, Nike, Prince, NBA, University of North Carolina, PGA, Chicago, NFL, Mission, Getty, Management, BMW PGA, Golden State Warriors, Clarkson Creative, Club, American, Tahoe, LPGA, Ryder, Celtic, Team, April’s, Augusta National Locations: Augusta , Georgia, Los Angeles, New York, “ City, Florida, British, Alba, Hainan, AFP, Irish, Terrebonne , Quebec, American, Celtic Manor, Wales, Augusta

☆ A bride says the $1,000 Jimmy Choo shoes she splurged on for her wedding broke after she wore them for 5 minutes
▼ + stars: | 2024-06-28 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +8 min

In April, she found what she thought were the perfect shoes at Jimmy Choo. AdvertisementDante told BI that representatives from Jimmy Choo apologized to her for her experience on Tuesday. AdvertisementDante ultimately got a refundDante considered buying a different pair of Jimmy Choo shoes but ultimately decided she just wanted a refund on the original pair. #jimmychoo @Jimmy Choo ♬ original sound - michaelarose123Dante told BI she expected better customer service from a luxury retailer. But she told BI she won't be in a rush to buy another luxury product herself.

Persons: —, Michaela Dante, Dante, Jimmy Choo, I've, Michaela Dante That's, Dante Dante, Dante hadn't, didn't, @michaelarose123, jimmy choo, michaelarose123 Dante, Jimmy Choo's Organizations: Service, Area, Business, BI Locations: —

☆ It’s the Golden Age of Weird Vehicles
▼ + stars: | 2024-06-24 | by ( Christopher Maag | ) www.nytimes.com time to read: 1 min

This is Street Wars, a weekly series on the battle for space on New York’s streets and sidewalks. Jimmy Cho could ride a wheelchair, but wheelchairs are slow. He could also ride a standup scooter, but he prefers to sit. Thus he combined the front half of an electric scooter (handlebars, front wheel, motor, battery pack) to an old wheelchair (padded seat, handrails, nothing special). But because it’s zippy, he can keep pace with traffic on busy Manhattan avenues.

Persons: Jimmy Cho, Cho Locations: Manhattan

☆ Stocks making the biggest moves after hours: Salesforce, UiPath, Capri, Pure Storage and more
▼ + stars: | 2024-05-29 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Okta's second-quarter revenue guidance range of $631 million to $633 million also beat the consensus estimate for $616 million, according to LSEG data. Capri reported adjusted earnings of 42 cents a share, while analysts had estimated 65 cents, according to LSEG. American Eagle Outfitters reported $1.14 billion in revenue, lower than the average analyst estimate of $1.15 billion, according to LSEG data. Earnings beat estimates, but full-year revenue guidance was in a range of 2% to 4%, compared to forecasts for 3.4%. Revenue guidance was also pulled back to between $6.42 billion and $6.50 billion, compared to prior guidance in a range of $6.71 billion to $6.81 billion.

Persons: Rob Enslin, Daniel Dines, LSEG, Okta's, Versace, Jimmy Choo, Agilent, —, Darla Mercado Organizations: HP Inc, HP, Capri, Management, American Eagle Outfitters, Technologies Locations: New York City, LSEG, Asia, FactSet

☆ The handbag wars have begun after the US sued to block the merger of Coach and Michael Kors
▼ + stars: | 2024-04-23 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +1 min

The FTC announced a lawsuit that blocks a merger between luxury brands Tapestry and Capri. Tapestry and Capri argue the luxury handbag market is too saturated for that to happen. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe FTC is trying to stop a merger between brands Tapestry and Capri that would put labels Coach, Kate Spade, Michael Kors, Jimmy Choo, and Versace under one luxury house. Tapestry, Inc., which owns Kate Spade and Coach, announced in August its intent to acquire Capri Holdings, which owns Michael Kors, for $8.5 billion.

Persons: —, Kate Spade, Michael Kors, Jimmy Choo, Versace Organizations: FTC, Service, Inc, Capri Holdings, Regulators, European Union, Business Locations: Capri, Japan

☆ FTC sues to block Coach parent Tapestry's acquisition of Capri Holdings
▼ + stars: | 2024-04-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

The U.S. Federal Trade Commission on Monday sued to block the $8.5 billion acquisition of Capri Holdings by Coach and Kate Spade's parent company, Tapestry . With the transaction, the luxury brands could be poised to better compete with European luxury names, such as Burberry and LVMH's Louis Vuitton. Both Tapestry and Capri have been under pressure, as consumers continue to be choosier with discretionary spending. Yet Capri, in particular, has been more vulnerable because of its heavier reliance than Tapestry on department stores and other wholesale retailers. The vast majority of Tapestry's sales are through its own website and stores, with wholesale accounting for only about 10% of sales globally in the most recently reported fiscal quarter.

Persons: Kate Spade's, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, LVMH's Louis Vuitton, Joanne Crevoiserat, Tapestry, Crevoiserat Organizations: U.S . Federal Trade Commission, Capri Holdings, Burberry, Tapestry, CNBC Locations: Europe, Japan, Capri

Those are some of the most fascinating items found in lost luggage in 2023, according to a new report by Unclaimed Baggage, a store that buys lost items from airlines, sight unseen. The company has long-term contracts to buy unclaimed items from airlines, as well as hotels, trains and rental car companies. Unclaimed Baggage opened a "Found Treasures" museum in Scottsboro, Alabama, in 2023 to showcase the oddest items acquired through the years. Then he found them at Unclaimed Baggage and brought them back to her." Source: Unclaimed Baggage

Persons: Richard Nixon, Louis, Bryan Owens, Cartier, Owens, Owen's, Doyle Owens, Doyle, There's, … we're, Owen, Louis Vuitton, —, …, Jimmy Choo, Yves Saint Laurent —, it's, they've, David Bowie Organizations: Louis Vuitton Nike Air Force, CNBC Travel, Rolex Locations: Scottsboro , Alabama, Scottsboro, America, West Coast, Atlanta

☆ US sues to block Tapestry’s Capri deal citing handbag market domination
▼ + stars: | 2024-04-22 | by ( ) edition.cnn.com time to read: +1 min

The US Federal Trade Commission said on Monday it was suing to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate competition. This comes at a time when several US lawmakers have sought increased scrutiny from the FTC of several multi-billion dollar deals that might risk higher prices and affect consumers. US antitrust enforcers had also come out with new merger guidelines in December, in a bid to encourage fair, open and competitive markets. But the FTC requested more information from the firms on their deal in November. “Capri Holdings strongly disagrees with the FTC’s decision,” the company said in a statement.

Persons: Michael Kors, Capri, Tapestry, Louis Vuitton, “, Kate Spade, Jimmy Choo Organizations: US Federal Trade Commission, Capri, “ Capri Holdings, FTC, European Union, Japan

☆ Goldman's rising star stocks are seeing the biggest increase in popularity among hedge funds
▼ + stars: | 2023-11-25 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Rising popularity from hedge funds can be a strong signal of outperformance in the near future for stocks, and Goldman Sachs highlighted which names the smart money is loving right now. The Wall Street bank analyzed the holdings of 735 hedge funds with $2.4 trillion of both long and short equity positions at the start of the fourth quarter, based on regulatory filings. Goldman then identified a slew of Russell 1000 stocks with the largest increase in number of hedge fund owners during the quarter. Kenvue , the consumer health business that Johnson & Johnson spun out as an independent company earlier this year, saw 48 hedge funds in total adding it as a holding last quarter, Goldman said. Hedge funds also piled into two merger arbitrage plays — Splunk and Capri Holdings — last quarter.

Persons: Goldman Sachs, Goldman, Russell, Kenvue, Johnson, Eli Lilly, Eli Lilly's, rocketed, Tapestry, Michael Kors, Jimmy Choo Organizations: Food and Drug Administration, Capri Holdings, Cisco, Capri

☆ FTC seeks information on $8.5 bln Tapestry-Capri deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsNov 6 (Reuters) - The U.S. Federal Trade Commission (FTC) has sent requests to Tapestry (TPR.N) and Michael Kors owner Capri Holdings (CPRI.N) for more information on their planned $8.5 billion deal, the companies said on Monday. The companies said on Monday they expect to respond "promptly" to the FTC's request and aim to close the deal as planned, in 2024. Capri's shares, which had jumped 55% on Aug. 10 after the deal was announced, were down 2.5% in extended trade. Reporting by Manas Mishra and Juveria Tabassum in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Kors, Michaela Rehle, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Capri's, Tapestry, Manas Mishra, Juveria, Shounak Dasgupta, Krishna Chandra Organizations: REUTERS, U.S . Federal Trade Commission, Capri Holdings, Capri, Thomson Locations: Metzingen, Germany, Paris, Bengaluru

☆ Why Jimmy Choo, Michael Kors, Versace, Kate Spade are suddenly one company
▼ + stars: | 2023-11-02 | by ( Kate Sammer | ) www.cnbc.com time to read: +1 min

These distinct designer brands all have something in common: a single parent company named Tapestry, Inc. That parent company has been getting bigger and bigger throughout 2023. "Growth-oriented acquisitions really help to drive the business further, " said Dana Telsey, CEO of Telsey Advisory Group. "New designers can create interest because you can extend your customer base, whether it's extending your customer base older or younger, or extend your customer base globally." The popularity of online shopping has also provoked retailers to pursue mergers that promote expansion online and in stores. As social media creates new avenues for promotion, brands grappling with the high cost of celebrity endorsements are looking to expand their resources through mergers and acquisitions.

Persons: Jimmy Choo, Versace, Michael Kors, Kate Spade, Dana Telsey Organizations: Telsey Advisory Locations: Europe

☆ The winning trading method pros use — where the Fed and the economy don't matter
▼ + stars: | 2023-11-01 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Merger Arbitrage hedge funds gained 4.4% in the third quarter, standing out as the best-performing strategy for the period, beating every category in event-driven, equity, macro and value funds, according to Hedge Fund Research . "The merger arbitrage strategy has historically thrived in a rising interest rate environment when an investor's fixed income portfolio may have suffered losses," said Michael Peck, co-chief investment officer at First Trust. As the proposed deal nears completion, the target's stock typically rises and the acquirer's shares fall. This short-term trading strategy often utilized by fast-money hedge funds typically involves multiple long and short positions, and might be too sophisticated for the average individual investor. The First Trust Merger Arbitrage ETF (MARB) and the IQ Merger Arbitrage ETF (MNA) are two popular ones that capitalize on the technique.

Persons: Bill Gross, Pimco, Michael Peck, Michael Kors, Jimmy Choo, there's, Gross, Broadcom's, Warren Buffett Organizations: Fund Research, First Trust, Gross, Activision Blizzard, Microsoft, Capri Holdings, Capri, VMware, Broadcom, Activision

On the phone was 28-year-old Jimmy Zhong, a local party boy and Georgia alum who frequented Athens' drinking establishments. Robin Martinelli, Martinelli Investigations owner and private investigator. Martinelli said Zhong appeared resistant to her theories, especially when they began to focus on his circle of friends. Source: Zhong's social media profileHis parties were epic. Source: Zhong's social media profile

Persons: Jimmy Zhong, Zhong, Robin Martinelli, Martinelli, Montel Williams, " Martinelli, Jimmy, Zhong didn't, Louis Vuitton, Gucci, Jimmy Choo, didn't, he'd, Satoshi Nakamoto, Stefana, CNBC Masic, Zhong couldn't, Jody Thompson, Thompson, Trevor McAleenan, Shaun MaGruder, McAleenan, that's, MaGruder, I've, wasn't, Trevor, I'm, coders, Nathaniel Popper, Popper, Bitcoin, Nobody, bitcoin, Michael Bachner, John Garland, Bachner, Ross Ulbricht, Chad Organizations: University of Georgia, Clarke County Police Department, rowdies, Clarke County Police, CNBC, Department of Justice, Martinelli Investigations, Broad, College, Ritz Carlton, Waldorf, Georgia Bulldogs football, Rose, IRS, Silk, Clarke, Investigators, Misfits, . Locations: Athens, Georgia, bitcoin, It's, Loganville , Georgia, Zhong's, Gainesville , Georgia, Los Angeles, Beverly Hills, LA, Gainesville, Chad, Clarke County, Montgomery , Alabama, U.S

NEW YORK (AP) — On a waterfront promenade lined with pink flowers and facing Manhattan’s majestic skyline, designer Michael Kors paid tribute to his late mother with a show honoring the travels the two enjoyed together. Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan and many more were in attendance. But the designer was thinking most of all about his mother, the late Joan Kors, who died in August at 84. “My mother truly was my ultimate muse, my ultimate supporter,” Kors said. "We’re excited at the prospect of joining forces with Tapestry,” Kors said of the consolidation, “and combining and pooling our resources and knowledge to accelerate the growth.

Persons: Michael Kors, Kors, Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan, Burt Bacharach, “, Joan Kors, ” Kors, Kate Spade, Versace, Jimmy Choo Organizations: Actors, Revlon, Capri Holdings Locations: Brooklyn’s Domino, Williamsburg

The private equity firm's follow-on investment translates into an additional equity stake of 0.25% in Reliance Retail on a fully-diluted basis, taking KKR's total equity stake in the Indian company to 1.42%, the retailer said in a statement on Monday. That year, KKR had invested 55.5 billion rupees ($669.65 million) in Reliance Retail. Morgan Stanley acted as financial adviser to Reliance Retail. Ambani said in 2019 that the group planned to list the retail business in five years. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Maggi, Niharika Kulkarni, Mukesh Ambani's, Jimmy Choo, Spencer, Pret, Ambani, Morgan Stanley, Aditya Kalra, Toby Chopra, Tomasz Janowski, Deepa Babington Organizations: REUTERS, KKR, Co Inc, Retail Ventures, Reliance, Reliance Retail, Saudi Public Investment Fund, General Atlantic, United Arab, Asian, IV, Reuters, Qatar Investment Authority, Unilever, Thomson Locations: Mumbai, India, DELHI, United Arab Emirates

☆ Gen Z is ditching wedding traditions and embracing TikTok trends
▼ + stars: | 2023-08-31 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +9 min

The wedding industry is beginning to see the fallout of this shift away from tradition. That meant "wedding TikTok" — with its dancing groomsmen and videographers turned influencers — was the next best thing. "So it is time for us in the wedding industry to expand the definition of what a perfect day means." Adrienna McDermott spent nine years in the wedding industry before starting a marketing agency for wedding professionals called Ava and the Bee. "It really opened up my eyes for the power of TikTok," Lee said.

Persons: Ashley Klimper, wasn't, videographers, influencers —, who's, Klimper, Jimmy Choo, —, Vishal Joshi, Melanie Breault, She's, Stephanie Kirk, they're, fiancé, they've, Grace Lee, Birdy, Birdy Grey, Lee, Joshi, Joy, Adrienna McDermott, Ava, millennials, Zers Organizations: Service, Signet, expos, Facebook, swatch Locations: Wall, Silicon

☆ Retailers take center stage in the week ahead, as Wall Street turns to the consumer for a much-needed boost
▼ + stars: | 2023-08-11 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. "Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth. The Nasdaq Composite fell for a second straight week for the first time in 2023 after mixed inflation data this week, as well as Moody's downgrading several regional banks. July's consumer price index came in weaker than expected, but continued to show some underlying stickiness. Housing data expected to show strength Investors will also watch data on what has been a strong housing market.

Persons: Shannon Saccocia, Saccocia, —, we've, John Porter, it's, Wealth's Saccocia, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, Michael Kors, That's, Sam Stovall, Stovall, CFRA's Stovall, Estee Organizations: Home Depot, Walmart, Federal Reserve, Nasdaq, Dow Jones, Newton Investment Management, FactSet, . Discount, TJX Companies, Ross, Homeowners, Price, Retail, Health, Home, Agilent Technologies, Housing, Manufacturing, TJX, Target, Cisco Systems, Philadelphia Fed, Applied, Deere, Co, Companies, Palo Alto Locations: U.S, NAHB, Housing States

☆ Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.

Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru

Tapestry , the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced on Thursday. It brings together six fashion brands: Tapestry's Coach, Kate Spade and Stuart Weitzman and Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri surged 58% in premarket trading to just under the per-share deal price, while shares of Tapestry roughly 4%. It's started to run a similar playbook with Kate Spade. Tapestry has also looked other parts of the world to drive growth, such as chasing higher sales in China.

Persons: Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, Kirsten Dunst, It's, We've, Joanne Crevoiserat, John Idol, Morgan Stanley Organizations: Capri Holdings, Capri, Disney, Bank of America Locations: American, China

☆ Coach owner Tapestry acquires rival Capri Holdings for $8.5 billion adding Michael Kors and Versace to its offering to create a US fashion giant
▼ + stars: | 2023-08-10 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Coach owner Tapestry is buying Capri Holdings, the parent company of Michael Kors, for $8.5 billion. The new deal gives Tapestry greater influence in the luxury market and could bolster growth internationally. Capri is the parent company of well-known fashion brands Michael Kors, Versace, and Jimmy Choo. And it could give Tapestry greater influence in the luxury market to take on European powerhouses LVMH and Kering, which own a string of luxury brands including Louis Vuitton, Tiffany's, and Gucci. By acquiring Capri, Tapestry will add three well-known luxury brands to its roster.

Persons: Tapestry, Michael Kors, Kate Spade, Versace, Jimmy Choo, Louis Vuitton, Gucci, Neil Saunders, it's Organizations: Capri Holdings, Service, GlobalData Locations: Wall, Silicon, Tiffany's

☆ Stocks making the biggest moves premarket: Capri, Tapestry, AppLovin, Disney and more
▼ + stars: | 2023-08-10 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:Capri , Tapestry — Capri soared more than 57%, while Tapestry slid 3.2% in premarket trading. AppLovin — AppLovin shares popped 25.8% in early morning trading after the company posted strong second-quarter results and optimistic third-quarter revenue guidance. The game developer said it expects $780 million to $800 million in revenue for the third quarter, exceeding the $741 million expected by analysts. AppLovin reported earnings of 22 cents per share for the second quarter, while analysts expected 7 cents, according to Refinitiv. The amusement park company reported earnings of 25 cents per share on revenue of $444.0 million.

Persons: Kate Spade, Versace, Jimmy Choo, Michael Kors, AppLovin, Sonos, Refinitiv, Walt Disney, — Illumina, Yun Li, Jesse Pound, Pia Singh Organizations: Capri Holdings, Capri, Wynn, Wynn Resorts, Walt Disney —, Disney, Six Locations: Alibaba, China

☆ Tapestry and Capri are combining in an $8.5 billion deal
▼ + stars: | 2023-08-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Tapestry Inc., which owns Kate Spade and Coach, announced Thursday that it’s acquiring Capri Holdings, the parent company of Michael Kors and Versace. The $8.5 billion deal could help them better compete against their higher-end European rivals. Under terms of the deal, Capri shareholders will get $57 per share. Coach changed its parent name to Tapestry in 2017 and Michael Kors switched to Capri after it bought Versace in 2018. Those warning signs have “put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth,” Saunders said.

Persons: New York CNN — Michael Kors, Kate Spade, Michael Kors, Versace, Stuart Weitzman, Jimmy Choo, Neil Saunders, ”, Jean, Jacques Guiony, ” Saunders Organizations: New, New York CNN, Tapestry Inc, Capri Holdings, ”, Capri Locations: New York, United States

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