Capri Holdings, the parent company of Michael Kors, has confirmed its acceptance of Tapestry’s takeover offer. This decision will create the world’s fourth-largest luxury goods group by 2024, and the largest in North America.
On Wednesday October 25, the shareholders of US luxury goods group Capri Holdings voted in favor of the merger with fellow American group Tapestry. This confirms the announcement made this summer.
The merger will create an American luxury group valued at $8.5 billion, the first of its kind.
A future luxury group
The United States may be home to the preppy Ralph Lauren, jeweller Tiffany, leather goods maker Coach and jeans maker Levis, but until now it has had no such player.
Until now, the legitimacy of luxury made in the USA has been undermined by a history considered too recent. But since Lvmh’s exceptional 2021 takeover of Tiffany – the oldest American luxury house, founded in 1837 – it seems that the American-Italian players are getting organized to protect their nuggets.
After announcing their intention to build the first American luxury group in the middle of August, Capri Holdings shareholders last week approved the idea of a merger with Tapestry.
Tapestry – formerly Coach Group – owns leather goods manufacturers Coach and Kate Spade, as well as shoe manufacturer Stuart Weitzman.
Unlike Capri Holdings, Tapestry owns a landmark of American luxury: New York leather goods manufacturer Coach, founded in 1941. Capri Holdings’ Michael Kors, on the other hand, dates back to 1981.
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Featured Photo: © Michael Kors
