Accessories seller Coach said Monday that it had reached a deal to acquire upscale retailer Kate Spade in a shakeup for the luxury goods industry as it grapples with sluggish sales.
Coach said it would pay $2.4 billion for Kate Spade, which it plans to maintain as an independent brand.
The company said it expects to save $50 million annually in
"synergies" within three years, which often comes from eliminating
overlapping costs.. . . more