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Michael Kors owner's stock craters after judge blocks $8.5B merger of top US handbag makers
CPRICapri (CPRI) New York Post·2024-10-25 14:16

Capri, the parent company of fashion brands Michael Kors and Jimmy Choo, saw its stock tank by more than 50% in pre-market trading on Friday after a federal judge blocked its pending 8.5billionmergerwithCoachownerTapestry.USDistrictJudgeJenniferRochonstruckdownthemergerthatwouldhaveseenthetwoAmericanluxurygiantscombinetobringCoach,KateSpade,Versace,JimmyChooandMichaelKorsunderoneroof.4MichaelKorsparentcompanyCapriwasblockedfromgoingaheadwithan8.5 billion merger with Coach owner Tapestry.US District Judge Jennifer Rochon struck down the merger that would have seen the two American luxury giants combine to bring Coach, Kate Spade, Versace, Jimmy Choo and Michael Kors under one roof. 4 Michael Kors parent company Capri was blocked from going ahead with an 8.5 billi ...