Before the merger announcement, Tapestry’s market value was more than double that of Capri. Currently, Tapestry’s market value is over five times larger.

Italian fashion group BasicNet and British private equity fund Permira have jointly announced the appointment of Luca Lo Curzio as the CEO of K-Way. His most recent role was serving as the CEO of Jil Sander.

During the reporting period, Capri Holdings’ total sales revenue was $1.08 billion, reflecting a 16.4% decline compared to the previous year at both reported and constant currency rates.

Since the acquisition agreement was reached, Capri’s performance and stock price have remained sluggish, and the gap with Tapestry has gradually widened.

As travel restrictions to China are gradually lifted, fashion and luxury industry giants are flocking to the Chinese market for research.

During the reporting period, the group also initiated a stock buyback plan, repurchasing approximately 5.7 million common shares for approximately $300 million in the open market.