Together with
The Future. Tapestry Inc.’s purchase of Capri Holdings could create one of the largest fashion houses in the world and put American-based offerings onto the same plane as its French and Italian counterparts. While Tapestry is still focused on clothing, the expected growth could help it expand into other luxury goods, which have been a boon to competing houses.
Chasing the French
The New York fashion scene is getting its biggest fashion house to date.
- Tapestry Inc., which owns brands like Coach and Kate Spade, is buying Capri Holdings, which houses brands like Versace and Michael Kors, for $8.5 billion.
- That’ll create a single company bringing in about $12 billion in annual sales — Tapestry is expected to make almost $6.7 billion this year, while Capri is going to bring in about $5.6 billion.
Tapestry CEO Joanne Crevoiserat hopes the combined conglomerate has the goods to take on French luxury giants LVMH (Louis Vuitton, Tiffany, and Givenchy) and Kering (Gucci, Balenciaga, and Yves Saint Laurent).
That may still be difficult as LVMH brought in $79.2 billion last year, and Kering generated $20.3 billion. But it does vault Tapestry into that rarefied list of double-digit billion-dollar earners, which could make it a competitor the next time LVMH bids to print its logos all over the Olympics.
LA is hosting them in 2028, after all.
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