Tapestry, the parent company of Coach and Kate Spade, has paid $8.5 billion (in cash, no less) to snap up Capri Holdings, the parent of Versace, Michael Kors, and Jimmy Choo in a deal that creates a sprawling new luxury conglomerate. “The combination of Coach, Kate Spade, and Stuart Weitzman together with Versace, Jimmy Choo, and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities, and shareholders around the world,” said Joanne Crevoiserat, CEO of Tapestry, in a statement. Tapestry's Capri acquisition, first ... (full story)