COACH to Buy Kate Spade for $2.4 Billion

Source: Coach
Coach is hoping is newest acquisition will increase its market share with millennials.

Forget flowers. Give Mom a bag you’ll want to steal. #ForgetFlowers #MothersDay https://t.co/QxoLp1SSAB pic.twitter.com/q7SE17hEjH

— Coach (@Coach) April 27, 2017

The luxury accessories company announced they would be purchasing Kate Spade & Co for $2.4 billion with an anticipated closing date of third quarter 2017.

the cameron street babe: it's scratch-resistant, lightweight and wipes clean…for no matter how ruff your day gets. https://t.co/PJJiUGb4K3 pic.twitter.com/E6ZID02ion

— kate spade new york (@katespadeny) April 20, 2017

With 60 percent of Kate Spade’s sales coming from millennials, Coach Chief Executive Victor Luis revealed, “We are very excited that Kate Spade has strength with the millennial consumer, we see that not only through their sales but their online engagement.”
In a statement Luis said of the purchase, “The acquisition of Kate Spade is an important step in Coach’s evolution as a customer-focused, multi-brand organization. The combination enhances our position in the attractive global premium handbag and accessories, footwear and outerwear categories.”