Lululemon Athletica, Inc. LULU shares are trading higher Thursday following news of a luxury brand mega merger.
The Details:
Tapestry, Inc. TPR, a house of luxury brands including Coach and Kate Spade, will acquire Capri Holdings, Ltd. CPRI, a luxury fashion group consisting of Versace, Jimmy Choo and Michael Kors. Under the terms of the transaction Capri Holdings shareholders will receive $57 per share in cash for a total value of approximately $8.5 billion.
The announcement has sparked interest in luxury fashion brands and has increased hopes of additional mergers and acquisitions within the apparel and luxury goods sector.
According to data from Benzinga Pro, LULU shares are up nearly 2% Thursday and are up 7% over the last month.
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LULU Price Action: According to Benzinga Pro, Lululemon shares are up 1.71% at $388.87 at the time of publication.
Image: Courtesy of Lululemon Athletica, Inc.
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