Monday, May 8, 2017

Coach to acquire Kate Spade for $2.4 billion

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

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