Coach Owner to Buy Michael Kors Parent in $8.5 Billion Deal (3)

Tapestry Inc., the owner of brands including Coach and Kate Spade, agreed to acquire Michael Kors parent Capri Holdings Ltd. in an $8.5 billion deal that shows the wave of consolidation in the luxury-goods sector is far from finished.

Tapestry and Capri separately built up their own stables of high-end brands in recent years, but they’ve been no match for the breadth and depth of European luxury houses LVMH and Kering SA. The continental giants own brands that touch on an array of sectors, including apparel, ready-to-wear, jewelry, watches and alcohol.

The Capri acquisition is an attempt to ...