Hottest luxury M&A deals of the year
In 2023, the M&A buzz in the luxury goods industry only ramped up further and went bigger. Later in the year, the U.S.-based luxury group Tapestry Inc. finalized the acquisition of Capri Holdings, the parent company that owns Versace, Michael Kors, and Jimmy Choo. The American group now consolidated six brands in its portfolio with a strong focus on leather goods including Coach, Kate Spade and Stuart Weitzman. The global net sales of Tapestry, Inc. in recent years have fared around 6.6 billion U.S. dollars.Another high profile M&A deal of 2023 came from the French conglomerate Kering. Backed by the Qatari investment fund Mayhoola, Kering acquired a 30 percent stake at the Italian fashion house Valentino in July 2023. The agreement included an option to increase its shareholding to 100 percent in the Italian fashion brand by 2028. Kering currently manages internationally renowned brands Gucci, Yves Saint Laurent, Balenciaga, and Bottega Veneta brands in the couture category.