The $8.5 billion deal raises big question about the future of luxury fashion. On August 10, 2023, Tapestry, a fashion company that owns Coach and Kate Spade, said it would buy Capri, the owner of brands Michael Kors, Versace, and Jimmy Choo, for $8.5 billion in cash. The deal is the latest in a series of recent high-value mergers in the luxury fashion space.