Do you know LVMH and Kering? Tapestry wants to become their competitor in the land of luxury giants

Luxury has long been a very European family affair. Today, LVMH triumphs there, led by Bernard Arnault who is already preparing for his retirement by appointing each of his sons to head one of his houses such as Dior, Tiffany, Tag Heuer or Louis Vuitton. François-Henri Pinault is hot on his heels with his Kering group, which owns Gucci, Saint Laurent, Bottega Veneta, Balenciaga and even Alexander McQueen. He also includes the Swiss group Richemont, which owns Alaïa, AZ Factory (brand launched by Alber Elbaz shortly before his death), Chloé, Delvaux, Cartier and Van Cleef & Arpels. But now he tries a US giant: Tapestry.

Tapestry (Coach, Kate Spade) acquires Capri Holdings (Michael Kors, Versace)

Tapestry, the parent company of Coach, has just signed the acquisition of Capri Holdings, the group that owns Michael Kors and Versace. The 8.5 billion dollar (about 7.7 billion euro) transaction was confirmed on August 10, 2023, formalizing the formation of the largest US luxury group, reports theAFP extension especially transmitted by Fashion network. In an Instagram press release, the newly enlarged group rejoices as follows:

“A new era in the world of luxury and fashion: today is a day of transformation for Tapestry. We have agreed to acquire Capri Holdings, a global luxury fashion group consisting of renowned brands Versace, Jimmy Choo and Michael Kors. By uniting our six powerful, complementary and differentiated brands, we will create a powerful new home of iconic global luxury and fashion brands.

Our mission is to create unique brand universes that connect emotionally with consumers. The iconic Italian heritage and bold confidence of Versace, the glamorous and bold spirit of Jimmy Choo and the Jet Set lifestyle of luxury fashion brand Michael Kors will be great additions to our business. This planned acquisition will bring even more innovation and craftsmanship to consumers’ favorite fashion and luxury brands as we invest in new materials, new geographies, new immersive brand experiences, all through the scope of each other’s unique creative direction and distinctive voice. brand name.

We will welcome some of the best talent in the world and our combined company of 33,000 employees will create career opportunities across the organisation. We look forward to welcoming Capri Holdings’ passionate employees from around the world to the Tapestry family. »

Tapestry already owned quintessentially American brands Coach and Kate Spade, best known for their leather goods. While Capri, the parent company of Michael Kors, bought the British shoemaker Jimmy Choo in 2017, then Versace in 2018-2019. With the acquisition of Capri, Tapestry thus becomes a luxury giant capable of overshadowing LVMH, Kering and Richemont, while the luxury market continues to show staggering growth, driven by the crisis. In short, another rififi among the ultra-rich.