The deal between two large U.S. companies with familiar luxury brands comes as high-end retailers look for growth amid signs that U.S. consumers are pulling back on discretionary spending.
Tapestry Inc., whose brands also include Kate Spade and Stuart Weitzman, said Thursday that the combined company had global annual sales of more than $12 billion and has a presence in more than 75 countries.
The deal comes just 14 months after the New York handbag maker spent $1.35 billion adding Jimmy Choo to its portfolio
This year, the portal plans to introduce few India exclusive global brands like Banana Republic, Express Clothing, Lucky Brand, Loft, New York and Company, White House Black Market among others.
The move comes two months after rival handbag maker Coach struck a deal to buy quirky fashion brand Kate Spade & Co,
Targeting young customers, it has launched a range of connected devices across six of its owned and licensed brands Fossil Q, Michael Kors Connected, Skagen Connected, Chaps, Emporio Armani and Misfit.
E-commerce major Snapdeal will shut down Exclusively.com and will integrate the latter's catalogue with itself, about 18 months after acquiring the premium branded fashion and lifestyle products marketplace.
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Signs of economic recovery in the United States and Europe have increased demand for affordable luxury items. Men are also spending more on luxury, encouraging companies to step up investments.