Coach owner Tapestry acquires rival Capri Holdings for $8.5 billion adding Michael Kors and Versace to its offering to create a US fashion giant

• Coach owner Tapestry is buying Capri Holdings, the parent company of Michael Kors, for $8.5 billion.
• This represents one of the biggest acquisitions in the fashion industry in recent years.
• The new deal gives Tapestry greater influence in the luxury market and could bolster growth internationally.

Tapestry, the fashion company that owns Coach and Kate Spade, announced early Thursday that it will acquire Capri Holdings for $8.5 billion. 

Capri is the parent company of well-known fashion brands Michael Kors, Versace, and Jimmy Choo.