Aug 9 (Reuters) - New York-based Tapestry, the owner of Coach, is nearing a deal to buy Michael Kors-owner Capri Holdings, the Wall Street Journal reported on Wednesday.
The deal could be announced as soon as Thursday, the publication reported, citing people familiar with the matter, adding that including a premium, Capri could be valued in the high single-digit billions.
Capri was set to report first-quarter earnings on Tuesday before delaying them to Thursday morning without providing a reason.
The company cut its annual sales forecast in May as demand for its handbags and shoes weakened in the United States.
U.S. luxury companies including Capri, which also owns Jimmy Choo, will likely record a hit to sales from a slower-than-expected recovery in key market China, exacerbated by cooling demand in the U.S.
Tapestry and Capri did not immediately respond to Reuters' request for comment.
(Reporting by Chandni Shah in Bengaluru; Editing by Sonia Cheema)
