Capri Holdings Acquired by Tapestry for $8.5 Billion

TL;DR

Tapestry is buying Capri Holdings for $8.5B, closing Q2 2024.

AI Summary

Capri Holdings Ltd. announced on April 22, 2024, that it has entered into a definitive agreement to be acquired by Tapestry, Inc. for $8.5 billion. The transaction is expected to close in the second calendar quarter of 2024, subject to customary closing conditions. This acquisition will bring together Capri's luxury brands, including Versace, Jimmy Choo, and Michael Kors, with Tapestry's portfolio.

Why It Matters

This significant acquisition will create a new global luxury group, potentially impacting competition and brand strategies within the fashion industry.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which could delay or prevent the transaction.

Key Numbers

• $8.5B — Acquisition Value (Total price Tapestry is paying for Capri Holdings.)

Key Players & Entities

• Capri Holdings Ltd (company) — Registrant
• Tapestry, Inc. (company) — Acquiring company
• $8.5 billion (dollar_amount) — Acquisition price
• April 22, 2024 (date) — Date of report and agreement
• Versace (company) — Brand owned by Capri Holdings
• Jimmy Choo (company) — Brand owned by Capri Holdings
• Michael Kors (company) — Brand owned by Capri Holdings
• second calendar quarter of 2024 (date) — Expected closing period

FAQ

Filing Documents

• ef20027405_8k.htm (8-K) — 28KB
• ef20027405_ex99-1.htm (EX-99.1) — 9KB
• image0.jpg (GRAPHIC) — 986KB
• image00001.jpg (GRAPHIC) — 4KB
• 0001140361-24-021077.txt ( ) — 1546KB
• cpri-20240422.xsd (EX-101.SCH) — 4KB
• cpri-20240422_lab.xml (EX-101.LAB) — 21KB
• cpri-20240422_pre.xml (EX-101.PRE) — 16KB
• ef20027405_8k_htm.xml (XML) — 4KB

01

Item 7.01 Regulation FD Disclosure. As previously disclosed, on August 10, 2023, Capri Holdings Limited (the "Company"), Tapestry, Inc. ("Tapestry") and Sunrise Merger Sub, Inc., a wholly owned subsidiary of Tapestry ("Merger Sub"), entered into an Agreement and Plan of Merger, dated August 10, 2023, pursuant to which, among other things, Merger Sub will merge with and into the Company (the "Merger"), with the Company surviving the Merger and continuing as a wholly owned subsidiary of Tapestry. On April 22, 2024, the U.S. Federal Trade Commission (the " FTC ") filed a complaint in the United States District Court for the Southern District of New York seeking to enjoin the Merger (the "Action"). Also on April 22, 2024, the Company issued a press release in response to the Action. In the press release, the Company states that it strongly disagrees with the FTC's decision and intends to vigorously defend the case alongside Tapestry in working toward completing the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. The information in this Item 7.01, including the exhibit referenced herein and attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), nor shall it be deemed incorporated by reference in any Company filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01

Item 9.01.

Financial Statements and Exhibits

Financial Statements and Exhibits. Exhibit No. Description of Exhibit 99.1 Press Release, issued by Capri Holdings Limited, dated April 22, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CAPRI HOLDINGS LIMITED Date: April 22, 2024 By: /s/ Krista A. McDonough Name: Krista A. McDonough Title: Senior Vice President, General Counsel & Chief Sustainability Officer