Tapestry’s acquisition for Capri and Kering’s deals for Valentino and Creed could signal a new round of industry consolidation.
This is quite a bit more than most market observers were expecting for 2023, when the industry was expected to be mired in recession and trying to keep up in a mixed-up market.
“For the last 12 months, there’s been this real fear that the next shoe was going to drop,” said David Bassuk, global leader of the retail practice at AlixPartners. “We’ve weathered that storm long enough. It’s been really slow from an M&A standpoint. That only lasts so long. There’s no question things are going to heat up.
But forging multibillion-dollar empires can be a delicate matter, partially when it comes to cutting costs. Tapestry, for instance, plans to save $200 million in annual cost synergies within three years as Capri joins the fold. “The world changes fast,” Bassuk said. “With the luxury brands, you need to pump a ton of money in to maintain brand recognition and celebrity collaborations and the things that keep them relevant. This is where the synergies really matter. You need to get that value out of these types of deals in order to rapidly fund growth.”
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