Tapestry (TPR) announced it will spend $8.5 billion to buy its long-time rival Capri Holdings (CPRI), adding luxury brands Versace, Michael Kors, and Jimmy Choo to its portfolio that already includes Coach, Kate Spade, and Stuart Weitzman. Yahoo Finance's Brian Sozzi is joined by Tapestry CEO Joanne Crevoiserat to discuss the strategy of the deal, what it means for investors, and the outlook for Tapestry.
Crevoiserat said, "We're establishing a powerful global house of iconic fashion brands ... and we're excited about bringing these brands together because of the compelling financial opportunity. There's excellent strategic fit.
Crevoiserat added, "We're confident that investors will see this compelling opportunity. This is a story to watch."
