Tapestry, parent company of luxury handbag and accessories retailer Coach, is buying the owner of fashion brands including Michael Kors, Versace and Jimmy Choo, Capri Holdings. The approximately US$8.5 billion deal puts Tapestry in a better position to take on its big European fashion rivals.
U.S. fashion houses have been attempting to take on powerhouses in Europe like LVMH and Kering.
Tapestry Inc., whose brands also include Kate Spade and Stuart Weitzman, said Thursday that the combined company had global annual sales of more than US$12 billion and has a presence in more than 75 countries.
"The combination of Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors creates a new powerful global luxury house," Tapestry CEO Joanne Crevoiserat said in a statement.
Capri Holdings Ltd. shareholders will receive US$57 per share in cash.
"By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands," Capri Chairman and CEO John Idol said.
French luxury conglomerate Kering reached a deal in July to buy a 30% stake in Italian fashion house Valentino for 1.7 billion euros from Qatari investment firm Mayhoola. Under the agreement, Kering, which owns Gucci, has the option to buy 100% of Valentino no later than 2028.
Kering had also tried to snap up Tom Ford, but beauty company Estee Lauder wound up reaching a deal with the luxury goods maker.
LVMH, meanwhile, purchased famed jewelry company Tiffany in 2021 after a back-and-forth between the two companies over the agreement.
The boards of Tapestry and Capri have approved the deal, which is expected to close next year. It still needs approval from Capri shareholders.
Capri's stock jumped more than 58% before the market open on Thursday, while shares of Tapestry fell 3%.
It's been exactly three years since Canadian Michael Kovrig returned to Canada after spending 1,019 days in a Chinese prison. Now, he's publicly speaking out about his arrest and detainment for the first time.
Israeli strikes on Lebanon Monday killed more than 490 people, including more than 90 women and children, Lebanese authorities said, in the deadliest barrage since the 2006 Israel-Hezbollah war.
Police say a toddler in Cambridge, Ont., who was reported missing early Monday morning, has since died.
The Canada Revenue Agency has provided new data on the number of employees who were found to have received the Canada Emergency Response Benefit during the COVID-19 pandemic.
While many Canadians no longer stress as much about COVID-19 as they did during its peak, health experts say a new variant has been spreading in some parts of the world and is now present in Canada.
House of Commons Speaker Greg Fergus gave MPs a stern warning on Monday about improving their behaviour as they prepare for a fractious debate about whether the Liberals should continue to govern.
A new analysis of dozens of arrowheads is helping researchers piece together a clearer portrait of the warriors who clashed on Europe’s oldest known battlefield 3,250 years ago.
Beverly Glenn-Copeland says he's been diagnosed with dementia and will play his final concert tour dates over the next two weeks.
On Sept. 20, Justice R.E. Nation of the Alberta Court of King's Bench found Craig McMorran guilty of fraud, money laundering and stealing a cottage from its rightful owners.
On Sept. 20, Justice R.E. Nation of the Alberta Court of King's Bench found Craig McMorran guilty of fraud, money laundering and stealing a cottage from its rightful owners.
It's been exactly three years since Canadian Michael Kovrig returned to Canada after spending 1,019 days in a Chinese prison. Now, he's publicly speaking out about his arrest and detainment for the first time.
Ontario's police watchdog is investigating after a Durham officer discharged a Taser and an anti-riot weapon at a 15-year-old boy in north Oshawa on Sunday.
The City of Montreal has issued a lockdown notice for residents in the Mercier-Hochelaga-Maisonneuve borough due to smoke from a fire in a container storing 15,000 kilograms of lithium batteries in the Port of Montreal.
Authorities are investigating a report that violence erupted on a pickleball court in B.C.'s Lower Mainland over the weekend.
Police say a toddler in Cambridge, Ont., who was reported missing early Monday morning, has since died.
Malaysian police said Monday they have rescued 187 more children and raided locations nationwide linked to an Islamic business group that is being investigated for alleged sexual assault of children.
Israeli strikes on Lebanon Monday killed more than 490 people, including more than 90 women and children, Lebanese authorities said, in the deadliest barrage since the 2006 Israel-Hezbollah war.
Japan’s meteorological agency on Tuesday issued a tsunami advisory to a group of remote islands south of Tokyo after a strong earthquake.
A mentally ill man who killed 10 people at a Colorado supermarket in 2021 was convicted Monday of murder and faces life in prison.
The man accused in the apparent assassination attempt of Donald Trump at a golf course in Florida left behind a note saying that he intended to kill the former president and maintained in his car a handwritten list of dates and venues where Trump was to appear, the U.S. Justice Department said Monday.
Officials in Birmingham, Alabama, pleaded Monday with members of the public for information leading to arrests in a weekend mass shooting that killed four people and injured more than a dozen others, announcing rewards totaling US$100,000.
Following another byelection loss in a riding long considered a Liberal stronghold, coupled with the news another minister is quitting cabinet — and opting to sit as an independent MP — the weekly panel of political strategists on CTV's Question Period weighs in on the Liberals' political fortunes.
Justin Trudeau will turn his focus to the ongoing crises in Haiti as he speaks with some world leaders Monday ahead of the 78th meeting of the United Nations General Assembly.
House of Commons Speaker Greg Fergus gave MPs a stern warning on Monday about improving their behaviour as they prepare for a fractious debate about whether the Liberals should continue to govern.
Private nursing agencies could cost Canadian health-care facilities approximately $1.5 billion in 2023-24, according to a new report commissioned by the Canadian Federation of Nurses Unions.
While many Canadians no longer stress as much about COVID-19 as they did during its peak, health experts say a new variant has been spreading in some parts of the world and is now present in Canada.
There are 'no restrictions' on the right to receive health services in Quebec for English speakers, according to a new clarification document issued by the Quebec Health Ministry on Monday.
A new analysis of dozens of arrowheads is helping researchers piece together a clearer portrait of the warriors who clashed on Europe’s oldest known battlefield 3,250 years ago.
Finally, an emoji to represent us all is coming soon: An exhausted face with bags under its eyes.
A Soyuz capsule carrying two Russians and one American from the International Space Station landed Monday in Kazakhstan, ending a record-breaking stay for the Russian pair.
Beverly Glenn-Copeland says he's been diagnosed with dementia and will play his final concert tour dates over the next two weeks.
The sexual assault trial for Canadian musician Jacob Hoggard, the former frontman for the band Hedley, is expected to begin in northern Ontario this week, following a jury selection process.
The Juno Awards are casting a spotlight on Canadian-made South Asian music as part of broader changes to the annual celebration.
B.C.’s Civil Resolution Tribunal has ordered WestJet to refund a family in full for their diverted flight and compensate them for associated costs.
Canadian natural gas prices slumped to their lowest level in more than two years on Monday and are expected to remain under pressure for weeks.
Cosmetics brand Lush says it is laying off staff as it scales down operations at its Vancouver facilities.
The City of Ottawa says it is recruiting a 'nightlife council' to aid the city's recently appointed nightlife commissioner.
One simple action involving your smartphone could help improve your mental health at work, according to a new study.
Alcohol-free beer has been gaining popularity in recent years as beer consumption shrinks.
Surfer Mickey Brennan says he's 'amazed' to be alive after wiping out in a giant wave off Tasmania.
The Toronto Raptors are planning to retire Vince Carter's jersey next month, sources tell TSN.
The Philadelphia Flyers had a former hockey coach help him Monday at training camp — the father of the late John and Matthew Gaudreau, who was an invited guest.
Struggling Jeep and Ram maker Stellantis is looking for a CEO to succeed Carlos Tavares, but the company says it's just part of a normal leadership succession plan.
The U.S. Commerce Department on Monday will propose a ban on the sale or import of smart vehicles that use specific Chinese or Russian technology because of national security concerns, according to U.S. officials.
Northvolt plans to cut 1,600 jobs at its base in Sweden, or about a fifth of its global workforce, as Europe's biggest hope in the electric vehicle battery market struggles with production problems, sluggish demand and competition from China.
Giant gourds took over a Manitoba community this weekend.
Fire has destroyed a barn and 17,000 plants at a family-owned business in Lower Coverdale, N.B.
Before influencers on social media, Canada’s Jeanne Beker was bringing the world of high fashion down to earth and as Calgary’s Glenbow Museum gets a major make-over, it will include a new exhibition showcasing the pop culture icon.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
A Nova Scotian YouTuber has launched a mini-truck bookmobile.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
B.C.’s Civil Resolution Tribunal has ordered WestJet to refund a family in full for their diverted flight and compensate them for associated costs.
A man accused of driving his truck into a march for B.C. residential school survivors two years ago has been found guilty of dangerous driving.
The mother who died after an RCMP shooting in Surrey, B.C., last week was an activist and prominent union member who fled Colombia due to death threats, according to her former colleagues.
Ontario Premier Doug Ford says the Toronto District School Board (TDSB) should investigate how some students on a recent school field trip ended up at a rally where pro-Palestinian slogans were shouted.
A pedestrian has died and another is injured following a two-vehicle collision in Toronto's west end, paramedics say.
A Toronto rapper who was charged in a fatal 2021 shooting has been released after a judge dismissed social media evidence in the case.
Calgary police have released a photo of a suspect wanted in connection with a fire in the community of Riverbend that damaged multiple homes.
The City of Calgary has opened applications to design its permanent residential school memorial and the winning plan will be chosen in mid-2025.
A group of residents in the southeast Calgary community of Lake Bonavista are hoping their latest attempt to stop the city from ushering in blanket rezoning will fend off developers from looking to pave change in their community.
There has been an apparent spike in the number of reported violent crimes in Ottawa this month. Police Chief Eric Stubbs says it's a concern.
The Canada Revenue Agency has provided new data on the number of employees who were found to have received the Canada Emergency Response Benefit during the COVID-19 pandemic.
The City of Ottawa says it is recruiting a 'nightlife council' to aid the city's recently appointed nightlife commissioner.
The City of Montreal has issued a lockdown notice for residents in the Mercier-Hochelaga-Maisonneuve borough due to smoke from a fire in a container storing 15,000 kilograms of lithium batteries in the Port of Montreal.
There are 'no restrictions' on the right to receive health services in Quebec for English speakers, according to a new clarification document issued by the Quebec Health Ministry on Monday.
Candidates are being announced for the upcoming school board elections — the first time they're being held since parts of Bill 40 were overturned. But there are still questions about how strong voter turnout will be.
Police have closed Groat Road between 107 Avenue and Victoria Park Road Monday afternoon due to a "serious" collision.
Monday night's Edmonton forecast calls for stars in clear skies and superstars in an arena filled to capacity.
The Alberta Medical Association (AMA) is urging the provincial government to implement a new compensation model for doctors and adopt a plan to stabilize acute care.
Construction on Almon Street in Halifax that started more than a month ago will continue longer than expected after city crews uncovered old tram lines beneath the road.
A new garden is officially open on a busy Saint John corner, with the goal of bringing visibility to mental health and suicide prevention.
Public health officials in Prince Edward Island are investigating an outbreak of gastrointestinal illness reported among 50 people who attended a shellfish festival over the weekend.
It was a tragic ending to the search for a six-year-old boy in northeastern Manitoba who had been missing since Wednesday.
A 20-year-old man has been charged in connection with the death of a 52-year-old woman in an Assiniboine Avenue apartment on Sunday.
The mayor of Lynn Lake, Man. is concerned about a bridge connecting to his community and what would happen if it became impassable.
Emergency Crews including Regina Fire were called to a house fire in the community of Grand Coulee on Monday afternoon.
With the federal government’s plan to phase out coal power stations by 2030 the provincial government says another $10 million dollars will be given to the Coronach and Estevan regions to help those in the area with the transition.
The Saskatchewan Roughriders unveiled their special First Nation-designed logo ahead of Saturday's kisiskaciwan game, recognizing truth and reconciliation, against the Ottawa Redblacks.
Three people were killed Monday morning in a crash north of Wellesley.
Police say a toddler in Cambridge, Ont., who was reported missing early Monday morning, has since died.
Residents at a Kitchener townhouse complex still haven’t been able to return to their homes, even though it's been 11 months since a fire at a neighbouring unit.
Fire crews are battling a blaze at the Candle Lake Golf Course clubhouse on Monday morning.
The Saskatchewan Ministry of Education says a woman facing an assault charge is no longer working at a private Christian school where the alleged incident took place.
Police officers from across central and northern Saskatchewan were awarded for their work getting impaired drivers off the roads on Monday, an initiative of Mothers Against Drunk Driving Canada (MADD).
A family dispute related to a property matter turned ugly over the weekend when a 71-year-old hit their head on the pavement after being pushed.
Officials in the City of Timmins say the state of Municipal Road, which connects Timmins and Iroquois Falls, is well beyond the patch-up phase.
Sara Cunningham, the first woman to lead the Greater Sudbury Police Service, has been a police officer since she was 21.
519 Meets organized a car rally in south London on Saturday in a Value Village parking lot, and it turned out to be their largest ever.
Ontario's new Liberal leader took aim at the premier over the weekend as she tested out a new slogan in a campaign-style speech at her party's annual general meeting.
In early August, Gord Leaman proudly put up a billboard on his front lawn that says 'Screw Trudeau, Screw Singh, Capitalism not Socialism, and White Lives Matter.'
Casino Rama announced three new performances will hit the stage this winter.
A Brampton man faces charges after police say a dispute over an unpaid bill at Blue Mountain Resort turned into a confrontation.
Police in Barrie are investigating an alleged armed robbery at a convenience store over the weekend that resulted in significant damage.
Current and former alumni and staff are remembering Dr. John Strasser for his personality, energy and foresight.
Windsor police have arrested one suspect and is looking for another after shots were fired during an altercation downtown.
On Monday, most Windsor city councillors voted against a motion to cancel the development at 3930 and 3950 Sixth Concession Road, allowing the 24-unit townhouse project to proceed.
Mounties are asking witnesses to come forward after a woman was struck by a vehicle and seriously injured in a crosswalk in Nanaimo, B.C.
The NDP has shared a video of B.C. Conservative Leader John Rustad saying he regrets getting the "so-called vaccine" against COVID-19.
A 44-year-old man has been sentenced to two and a half years behind bars after he pleaded guilty to multiple break-ins at homes under construction across Metro Vancouver.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
Farmers in southern Alberta are working to wrap up harvest, with 80 per cent of major crops in the bin, according to the province's latest crop report.
Monday marked the official start of Reconciliation Week in Lethbridge.
A Medicine Hat man faces charges after police say they found him in possession of drugs and a .22-calibre pen gun.
After playing the lottery for more than 40 years, a Greater Sudbury woman made a huge windfall playing a scratch ticket game.
A family dispute related to a property matter turned ugly over the weekend when a 71-year-old hit their head on the pavement after being pushed.
Police in Sault Ste. Marie charged a 36-year-old suspect with drug trafficking and other charges following a weekend raid of a residence on Robin Street.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
The Shopping Trends team is independent of the journalists at Â鶹´«Ã½. We may earn a commission when you use our links to shop. Read about us.
