(CNBC) Tapestry, the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced Thursday. The transaction will create an American fashion giant that — while still not quite as large as its European competitors — will be better positioned to compete in the luxury market.
Coach owner Tapestry to acquire Michael Kors, Jimmy Choo parent Capri Holdings for $8.5 billion
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