1. Tapestry, Capri scrap plans to merge.
- Subjects
STOCK repurchasing ,FREE cash flow ,LUXURY housing ,MERGER agreements ,LUXURIES - Abstract
Tapestry, the US owner of Coach, Kate Spade, and Stuart Weitzman, has decided to terminate plans to merge with Capri Holdings, which owns Michael Kors, Versace, and Jimmy Choo. The $8.5 billion merger was blocked by a US court in October, and Tapestry is now focusing on returning capital to shareholders through a $2 billion share repurchase program. Capri Holdings, on the other hand, is implementing strategic initiatives to return its luxury brands to growth, emphasizing brand desirability and consumer experience. [Extracted from the article]
- Published
- 2024