Coach owner agrees $8.5bn deal to buy Versace parent
Dua Lipa walks the runway at the Versace fashion show during the Milan Fashion Week in 2022The company that owns Versace is being bought by the luxury goods group Tapestry in a deal worth $8.5bn .
"It's not as big as the likes of European giants such as LVMH and Kering, but even so it's definitely giving its brands more of a leg to stand on," she added. But she warned that Tapestry is also inheriting Michael Kors, which has suffered from years of lacklustre performance.However, Tapestry does have past experience of turning around struggling brands, including Kate Spade, which it took over in 2017.
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