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☆ Stocks making the biggest moves midday: United Airlines, Travelers, Abbott Laboratories and more
▼ + stars: | 2024-04-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Quarterly revenue came in at $12.54 billion, topping an LSEG estimate of $12.45 billion. Travelers said it generated $4.69 in earnings per share on $10.18 billion in revenue. Interactive Brokers — Shares popped 3% after Interactive Brokers posted quarterly results that came in slightly ahead of Wall Street's expectations. J.B. Hunt posted earnings of $1.22 per share on $2.94 billion in revenue. Alcoa is set to report earnings after the bell.

Persons: LSEG, Eli Lilly, ASML, Hunt, Kate Spade, Abbott, Joe Biden's, Jefferies, —, Jesse Pound, Hakyung Kim, Pia Singh, Michelle Fox, Alex Harring, Sarah Min Organizations: United Airlines —, Travelers Companies, Travelers, U.S, Interactive, Hunt Transport Services, The New York Times, Federal Trade Commission, Versace, Capri Holdings, Autodesk —, Autodesk, Bancorp — U.S, Bancorp, Abbott Laboratories, FactSet, Alcoa Locations: China

Below are 20 of the best Apple Watch bands for women. For additional inspiration, check out our guides to the best designer Apple Watch bands and the best metal Apple Watch bands. Best Apple Watch bands for womenWhen you buy through our links, Business Insider may earn an affiliate commission. Learn moreFAQsWhat is the best Apple Watch band for women? It's hard to crown one specific band the "best" because selecting an ideal Apple Watch band for women hinges on personal style, daily activities, and financial considerations.

Persons: Kate Spade Organizations: Apple, Apple Watch, Business

☆ Fashion icon Iris Apfel dies at 102
▼ + stars: | 2024-03-01 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +5 min

Apfel died on Friday at the age of 102, according to a post on her verified Instagram page. “I go at it full, I’m very passionate about what I do,” Apfel told CNN in an interview in 2018. Jemal Countess/WireImage/Getty Images“(Styling the White House) was a relatively easy job actually, because everything had to be as close as humanly possible to the way it was,” Apfel told the Guardian in 2015. The exhibition, “Rara Avis (Rare Bird),” was the first time the museum had paid tribute to a living woman who was not a fashion designer. Apfel front row at New York Fashion Week with model Karolina Kurkova in 2016.

Persons: Iris Apfel, Apfel, Stu Loeser, “, ” Apfel, Iris, Samuel, Carl Apfel, ”, Estée Lauder, Greta Garbo, Jemal, WireImage, Jackie Kennedy, Harold Koda, Koda, “ Rara, Karolina Kurkova, Michael Stewart, Kate Spade, Kloss, Joan Smalls, Chrissy Teigen, Bella, Gigi Hadid, … Organizations: CNN, New York Times, Guardian, New York’s Metropolitan Museum of Art, Met, “ Rara Avis, New York, MAC Cosmetics, Home Shopping, Vogue Italia, IMG Locations: Palm Beach , Florida, Queens , New York

☆ Stocks making the biggest moves midday: Ralph Lauren, Walt Disney, Hershey and more
▼ + stars: | 2024-02-08 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +5 min

Ralph Lauren posted earnings of $4.17 per share, while analysts surveyed by LSEG expected earnings of $3.54 per share. PayPal said it anticipates full-year earnings of $5.10 per share, short of the $5.48 per share analysts expected, according to LSEG. S & P Global — Shares dipped 5% following a fourth-quarter earnings miss and disappointing full-year guidance from the financial analytics firm. On the other hand, the company's fourth-quarter revenue of $3.15 billion beat the $3.13 billion analysts had anticipated. Zimmer Biomet — The stock slid 5%, despite the medical device firm posting a fourth-quarter earnings and revenue beat.

Persons: Walt Disney, Ralph Lauren —, Ralph Lauren, Hershey's, FactSet, Kate Spade, Stuart Weitzman, LSEG, Masco, Kellanova, Zimmer Biomet, Johnson, — CNBC's Michelle Fox, Hakyung Kim, Tanaya Macheel, Pia Singh Organizations: PayPal, Arm Holdings —, Hershey —, Intercontinental Exchange, Wynn, P Global, Johnson, LSEG

☆ Remember when Fran Fine’s fashion broke the ’90s TV show mold?
▼ + stars: | 2023-11-30 | by ( Marie Lodi | ) edition.cnn.com time to read: +6 min

Still, not many have had the cultural impact of “The Nanny” herself, Fran Fine. Over the years, fan accounts like What Fran Wore and the Fran Fine Fashion Database have documented all of the character’s roughly 700 outfits. Drescher in character as Fran Fine in a promotional photo for "The Nanny", pictured with the show's other principcal cast members. CBS/Getty ImagesCooper says that when she first envisaged Fran’s aesthetic, it didn’t reflect early ‘90s fashion trends. It’s no wonder that after all these years, fans of “The Nanny” and fashionable TikTokers continue to cosplay as Fran in swarms.

Persons: Cher Horowitz, Dionne Davenport, “, Carrie Bradshaw, ’, Rachel Green, ”, Fran Fine, Fran, Fran Drescher, Fran Wore, Drescher, Charles Shaughnessy, Maxwell Sheffield, Daniel Davis, Niles, Lauren Lane, Babcock, Madeline Zima, Grace Sheffield, Benjamin Salisbury, Tom, Maggie Sheffield, Brenda Cooper, Shawn Holly Cookson, Terry Gordon, Cooper, Todd Oldham, Dolce, Gabbana, Bob Mackie, Anna Sui, Brenda Cooper’s, Moschino, Leger, ” Cooper, Neiman Marcus, —, ” Moschino, Jennie Walker, ” Walker, Kate Spade, Gucci, Vivienne Westwood, Cooper didn’t, suede, “ Organizations: CNN, City, Flushing, Brighton Sheffield, CBS, Getty, Vogue, “ Locations: Versace, Italian, LA

☆ CFOs Review Holiday Promotions as Consumer Spending Cools
▼ + stars: | 2023-11-19 | by ( Jennifer Williams-Alvarez | Kristin Broughton | ) www.wsj.com time to read: 1 min

New economic data last week showed the resilient U.S. consumer may finally be beginning to crack. Photo: Jeenah Moon/Bloomberg NewsCompanies are looking for new ways to entice holiday shoppers while consumers are spending less at stores and the economy is cooling. “It’s our Super Bowl,” said Tapestry finance chief Scott Roe , referring to the holiday season. This means the owner of Coach, Kate Spade and Stuart Weitzman is looking to attract shoppers, but Roe, who also serves as the company’s chief operating officer, said the company plans to be disciplined with any promotions.

Persons: ”, Scott Roe, Kate Spade, Stuart Weitzman, Roe Organizations: Bloomberg News Companies

☆ Coach Saves Tapestry From Unraveling
▼ + stars: | 2023-11-09 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

The Coach brand has increased its prices by more than 30% over the past three years. Neither is demand for accessible luxury, but it seems strong enough that brands like Coach are still able to push through price hikes. Coach owner Tapestry , which also owns Kate Spade and Stuart Weitzman, reported revenue growth of 0.4% in its quarter ended Sept. 30, weaker than Wall Street expectations of 2% growth. This follows worse-than-expected sales performance at European luxury powerhouses such as Gucci owner Kering and Louis Vuitton owner LVMH . But Tapestry’s adjusted earnings of $0.93 a share was higher than expectations of $0.90.

Persons: Taidgh Barron, Kate Spade, Stuart Weitzman, Gucci, Kering, Louis Vuitton, LVMH Organizations: Zuma Press

☆ Walmart, Amazon, and others lost millions of dollars to an organized online refund fraud scheme
▼ + stars: | 2023-11-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Retailers, including Walmart and Amazon, lose millions of dollars to refund fraud schemes. AdvertisementAdvertisementA coordinated refund fraud scheme has cost online retailers like Walmart and Amazon millions, according to Federal prosecutors. If the retailer provided a no-return refund, ARG would take a percentage cut, and the customer would keep the item. Retailers like Amazon, Walmart, and Target sometimes offer no-return refunds when the cost of the return outweighs the value to the seller. 404 Media also found numerous Reddit and Telegram groups openly swapping tips on perpetrating refund fraud, with specific advice for individual retailers.

Persons: Courtwatch, —, Artemis, Kate Spade Organizations: Walmart, Amazon, Service, Media, Watch

☆ 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

Picking out the best Apple Watch Series 9 band comes down to both personal preference and personal style. Below are 18 of the best Apple Watch bands for the Series 9, including picks from Apple itself, as well as other brands like Nomad, Hermes, and Lifeproof. No matter what you consider the best Apple Watch, any of these new bands can improve the way the watch looks and feels. And the best method for doing so is by donning one of the best leather Apple Watch bands. Budget leather that still looks good Tasikar Apple Watch Band Tasikar's Leather Band is a budget watch band that features high build quality, a rugged, timeless design, and a classic watch clasp.

Persons: Hermes, Kate Spade Organizations: Apple, Apple Watch

☆ Here are the 16 stocks Jim Cramer is watching, including Twinkie deal, auto strike risk
▼ + stars: | 2023-09-11 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Here are some of the tickers on my radar for Monday, Sept. 11, taken directly from my reporter's notebook:J.M. Smucker Hostess BrandsWells Fargo cuts Coach and Kate Spade owner TapestryUAW has a $825 million strike fund to help workers if a walkout happens. Can it really go after all of the Big 3: General Motors Stellantis FordBuy now, pay later company AffirmThe dollarIf you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free.

Persons: Smucker Hostess Brands Wells, Kate Spade, Motors Stellantis Ford, Jim Cramer's Organizations: Smucker Hostess Brands, UAW, Motors

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

☆ One part of China’s consumer market is holding up against a broad decline
▼ + stars: | 2023-08-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Customers enjoy food at a new Costco store in Shanghai on the first day of its trial operation on March 10. China News Service | China News Service | Getty ImagesBEIJING — If retail sales slowed this summer, it hasn't felt that way in parts of China. In the weeks around early July, New York residents David and Susan Schwartz visited three Costco stores, known as warehouses, on the outskirts of Shanghai and the neighboring city of Suzhou. China's retail sales slowed to a 2.5% year-on-year increase in July, adding to growing uncertainty about the country's future growth. Chris Reitermann CEO, Ogilvy Asia Pacific and Greater ChinaThe massive property market, where the majority of household wealth is stored, accelerated its decline in July.

Persons: hasn't, Susan Schwartz, David Schwartz, David, Susan, Malin, Goetz, Kate Spade, they're, Chris Reitermann, Ogilvy's Reitermann, Daniel Zipser Organizations: Costco, China News Service, Getty, BEIJING, U.S, Ogilvy Asia Pacific, CNBC, McKinsey Global Institute, Media, McKinsey Locations: Shanghai, China, New York, Suzhou, U.S, Hangzhou, Ningbo, York, Greater China

☆ Will Macy’s, Nordstrom merchandise overhauls lure shoppers?
▼ + stars: | 2023-08-21 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

In an effort to boost sales, Macy's - which reports second-quarter results on Tuesday - has focused on revamping its private brands, including its new On 34th label launched in July. Analysts expect Macy's to post a 87% slide in second-quarter profit, dragged down by heavy discounting to clear spring and early summer merchandise, according to Refinitiv. Thirteen percent answered Walmart and 9% answered Amazon, compared to 5.8% for Macy's and 3.3% for Nordstrom. Nordstrom so far has disclosed few specifics about the new merchandise intended to revive the Rack, including the brands and categories it plans to prioritize. On Monday, Rack’s website was advertising brands including Kate Spade, Adidas, Steve Madden and Cole Haan.

Persons: Andrew Kelly, Nordstrom, Erik Nordstrom, Macy's, Nordstrom's, Prosper, Macy’s, Kathy Gersch, ”, Kate Spade, Steve Madden, Cole Haan, Katherine Masters, Granth Vanaik, Savyata Mishra, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Nordstrom, U.S ., Target, Walmart, Nordstrom . Consulting, Deloitte, Private, Kotter, Adidas, Thomson Locations: Manhattan , New York City, U.S, New York, Bengaluru

☆ Tapestry sees weak fiscal 2024 after missing qtrly estimates on soft U.S. demand
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury rivals Ralph Lauren (RL.N), LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Canada Goose (GOOS.TO) have also faced sales pressures from softening U.S. demand. Tapestry expects adjusted earnings in the range of $4.10 to $4.15 per share in fiscal 2024, compared to estimates of $4.24. Tapestry said fiscal 2024 net sales were approaching $6.9 billion, compared to average analysts' estimate of $6.93 billion. The company's adjusted per share was 78 cents in the fourth quarter ended July 1, missing analysts' estimate of 97 cents.

Persons: Andrew Kelly, Ralph Lauren, RL.N, Gucci, Kering, Michael Kors, Kate Spade, Stuart Weitzman, Rachel Wolff, Tapestry, Savyata Mishra, Juveria, Maju Samuel Organizations: Tapestry, Inc, REUTERS, Capri, Insider, Thomson Locations: Manhattan , New York, U.S, United States, North America, China, Bengaluru

☆ CNBC Daily Open: There’s a new narrative in markets
▼ + stars: | 2023-08-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Losing week for stocksU.S. stocks were mixed Friday, with the Dow Jones Industrial Average the only major index to eke out a gain. On a year-over-year basis, the producer price index was up 0.8%. The PPI tends to reflect price changes before they filter into the consumer price index, so this could dampen the enthusiasm over July's cooler-than-expected CPI.

Persons: Europe's, That's, SBF FTX, Sam Bankman, Fried, Coraline Ellison, Leswing, Kate Spade, They'll Organizations: CNBC, Dow Jones, SBF, New York Times, Nvidia, TJX Locations: U.S

☆ 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

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

☆ 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

☆ 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

☆ Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more
▼ + stars: | 2023-08-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

AppLovin said it anticipates revenue to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Alibaba — U.S.-traded shares rose 4.3% Thursday after the Chinese company beat analysts' expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

Persons: Kate Spade, AppLovin, Alibaba, Versace, Jimmy Choo, Michael Kors, Wynn, Refinitiv, Jefferies, Truist, Nick McKay, Fleetcor, FactSet, — CNBC's Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, Alex Harring Organizations: Disney —, Disney, Capri Holdings, Capri, Wynn, —, Penn Entertainment, Disney's ESPN, Wedbush Locations: Marina, Sands, Singapore, Alibaba —, Wednesday's

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

☆ 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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