Coach is hoping is newest acquisition will increase its market share with millennials.
— 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.
— 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.”