Tapestry is acquiring Versace's parent company Capri for $8.5 billion
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Tapestry, the US-based owner of luxury lifestyle brand Coach, has announced it is acquiring Capri, the parent company of Versace. The transaction will be worth $8.5 billion. The merger will create an American luxury fashion conglomerate that can rival the likes of European powerhouses LVMH and Kering. The acquisition "creates a new powerful luxury global house," said Tapestry CEO Joanne Crevoiserat.