Tapestry, Inc.
Acquisitions
3
Major Deals Covered
$3.0B
Disclosed Deal Value
Tapestry's largest disclosed acquisition here is Kate Spade for $2.4B in 2017. This page covers 3 major deals from 2015 to 2023, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Kate Spade | 2017 | $2.4B | Coach bought Kate Spade & Company in July 2017 for about $2.4 billion to add a second large handbag brand with a younger, more colorful lifestyle positioning. |
| Stuart Weitzman | 2015 | $574.0M | Coach acquired the luxury footwear brand Stuart Weitzman in 2015 for up to $574 million, including an earnout, to diversify beyond handbags. |
| Capri Holdings (terminated) | 2023 | Undisclosed | Tapestry agreed in August 2023 to buy Capri Holdings, owner of Michael Kors, Versace and Jimmy Choo, for about $8.5 billion. The FTC sued to block the deal in April 2024, a federal judge granted a preliminary injunction in October 2024, and the companies terminated the agreement in November 2024. |
2023
Tapestry agreed in August 2023 to buy Capri Holdings, owner of Michael Kors, Versace and Jimmy Choo, for about $8.5 billion. The FTC sued to block the deal in April 2024, a federal judge granted a preliminary injunction in October 2024, and the companies terminated the agreement in November 2024.
2017
$2.4B
Coach bought Kate Spade & Company in July 2017 for about $2.4 billion to add a second large handbag brand with a younger, more colorful lifestyle positioning.
The deal made Coach a multi-brand group and led to the Tapestry name change in October 2017.
Kate Spade has remained the weaker brand. Tapestry recorded impairment charges on it in fiscal 2025, and its revenue fell 10% to $1.075 billion in fiscal 2026.
2015
$574M
Coach acquired the luxury footwear brand Stuart Weitzman in 2015 for up to $574 million, including an earnout, to diversify beyond handbags.
It was Coach's first step toward a multi-brand portfolio and added a premium women's footwear business.
The brand never became a meaningful growth driver, and Tapestry sold Stuart Weitzman to Caleres in 2025.
Under its Amplify strategy, Tapestry focuses on emotional brand connection, product innovation, global store and digital experiences, and talent. In practice that means heavy marketing to younger shoppers (about 35% of the roughly 11 million new customers in fiscal 2026 were Gen Z), growth in Greater China and Europe, fewer promotions, and steady buybacks and dividends.
Tapestry makes money by designing and selling Coach and Kate Spade products, mainly handbags and small leather goods, at prices well below European luxury houses. Most sales come direct to consumers through full-price stores, outlet stores and brand websites, which lets the company control pricing, inventory and customer data. Wholesale accounts and licensing deals for categories such as fragrance, eyewear and watches add further revenue. In fiscal 2026 North America produced about $5.0 billion of pro forma sales and Greater China about $1.4 billion, and the company reported a GAAP gross margin of 77.8%.
In July 2017, Coach acquired lifestyle fashion brand Kate Spade New York for $2.4 billion in an all-cash transaction. The deal broadened the company's reach among millennial women, adding whimsical lifestyle accessories, stationery, and apparel.
In May 2015, Coach acquired premier designer footwear brand Stuart Weitzman from private equity firm Sycamore Partners for up to $574 million ($530M cash plus contingent earnouts), marking Coach's first major step into multi-brand luxury.
In August 2023, Tapestry announced a definitive agreement to acquire Capri Holdings for $8.5 billion ($57.00 per share in cash), seeking to combine Coach, Kate Spade, and Stuart Weitzman with Michael Kors, Versace, and Jimmy Choo into a global American luxury giant.
In April 2024, the Federal Trade Commission (FTC) sued to block the acquisition, alleging that merging Coach and Michael Kors would create a dominant monopoly in "accessible luxury" handbags, reducing competition on price and employee wages.
On October 24, 2024, U.S. District Judge Jennifer Rochon granted the FTC's motion for a preliminary injunction, accepting the FTC's definition of an "accessible luxury" market. In November 2024, Tapestry and Capri mutually agreed to terminate the merger agreement.
Rather than fighting prolonged appeals, Tapestry immediately redirected its balance sheet capital into an expanded $2 billion accelerated share repurchase program, retiring undervalued TPR shares and boosting earnings per share.
Tapestry realized over $115 million in run-rate operational cost synergies by consolidating global logistics, centralizing European and Asian regional supply chains, upgrading digital IT systems, and combining corporate real estate.
Sara Lee Corporation acquired Coach Leatherware from founders Lillian and Miles Cahn in 1985 for $30 million. Sara Lee provided the capital that scaled Coach from a regional workshop into an international mall and department store fixture.
Following the acquisition, Tapestry aggressively reduced Kate Spade's flash-sale websites and pulled wholesale inventory out of department stores to rebuild the brand's full-price pricing power and protect gross margins.
While the Capri deal was blocked due to handbag overlap with Michael Kors, analysts note that Tapestry could selectively acquire boutique European luxury footwear, jewelry, or apparel brands that do not present accessible-luxury handbag antitrust concerns.
Rather than acquiring external circular fashion startups, Tapestry chose to build its circular brand Coachtopia internally, leveraging Coach's master leathercraft tanneries and proprietary supply chain.
Under Joanne Crevoiserat, Tapestry is prioritizing organic brand optimization, maximizing Coach's exceptional cash flows, turning around Kate Spade's margins, and returning cash to shareholders through buybacks and dividends.
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