Tapestry buys Capri Holdings: Versace, Jimmy Choo and Michael Kors

What is certain is that only large groups survive in fashion today. Europe is dominated by the French with Bernard Arnault’s Lvmh and Henri Pinault’s Kering (who just won one of the most attractive brands: Valentino). And America has to chase them to keep up with the race, especially now that inflation is limiting so-called “discretionary” spending. So yesterday, American luxury group Tapestry — whose portfolio includes brands Coach, Kate Spade and Stuart Weitzman — bought Capri Holdings, a company of brands Versace, Jimmy Choo and Michael Kors for $8.5 billion. A new center with $12 billion in revenue and nearly $2 billion in operating profit with a presence in over 75 countries. “A powerful new global luxury home,” said Tapestry CEO Joanne Crevoisera. Even if the turnover of Lvmh in 80 billion dollars is still far away. A financial transaction that is also a challenge to national pride, with the desire to restart brands made in the USA, starting with the brand that bears the name of its founder, Michael Kors, who has always been considered the heir to Ralph Lauren, but also a tasteful bridge and the European market. And he was a designer and an entrepreneur, and he will enter the Capri group (a name stolen from the symbol of the island of the international elite) the Versace brand, Italian charm and style, enhanced by the story of designer Gianni Versace, who was murdered in Miami in 1997, but also by many icons that represented him, such as Liz Hurley, unforgettable in her long dress fastened with safety pins, and Lady Diana, who, on her first public appearance after her divorce from Carlo, wore a purple Versace dress, which became a symbol of her rebellion and desire to return a life stolen by the Windsors. And to keep in touch with the 90s and Italy, we think of Donatella Versace, who is not only the creative soul of the brand, but also its undisputed image. At least until today.

And in the “package” of the group “Capri” there is also Jimmy Choo with his shoes for the red carpet, glorified Carrie Bradshaw (aka Sarah Jessica Parker) in the series Sex in the city and now in continuation And just like that which leads us to find 4 friends who are now in their 50s but with the same obsession with fashion and sex.

Even if the Michael Kors brand has lost some of its glamor in recent years due to commercial politics that has taken it to mega malls and retail outlets, it is still part of the Stars and Stripes fashion image. So much so that First Lady Michelle Obama wore a little black dress autographed by the designer in her first official photo, and on many occasions after parties and public ceremonies. Celebrities like Zendaya Viola Davis, Nicole Kidman trust “Michael” with red carpet looks that are sparkling but not over the top.

And now all this will be joined by three more brands Coach and Kate Spade and Stuart Weitzman (from Tapestry), well-known among fashionistas, but have not gained worldwide and indisputable fame. Brands that talk primarily about accessories and use a definition that is itself an oxymoron: affordable luxury. In other words, this means high, but not stellar prices, like those on the labels of accessories from major European luxury brands, which are becoming more and more exclusive despite the communication campaigns the companies are launching. Practical and no-nonsense, Coach bags were coveted by Bonnie Kashin, one of the first designers to have her own specific style. Whereas Stuart Weitzman shoes (which bear the name of the founder of the company) became famous on the Oscar red carpet, as well as on the streets of New York and Los Angeles filled with 5050 boots that are above the knee. which will turn 30 in 2023. They were worn by Kate Moss, but over the years they have captivated divas such as Angelina Jolie, Beyoncé, Taylor Swift, Kate Middleton and Gigi Hadid.

Another American pride is Kate Spade, named after its founder, who died five years ago and who, as the New York Times explains, “built the brand on the allure of clothes and accessories that made women smile… cosmopolitans early in their careers.” . In a word, the American dream. His handbags pioneered American designs that were competitive but cheaper than those of European fashion houses. In the 90s, one of the most popular “it” bags appeared – the Sam bag, a status symbol made of color, affordability and nylon. And over time, these bags have become the subject of attention of connoisseurs and those who claim elegance that does not force them to take out a bank loan. Among them is Kate Middleton, who, on her way to the throne, often dressed in clothes and accessories that were accessible to many, and not to the ordinary few. The war between democratic US-made luxury and exclusive European luxury has just begun.