Tapestry: cancels planned merger with Capri
(CercleFinance.com) - Tapestry, the parent company of the Coach, Kate Spade and Stuart Weitzman brands, announces that it has reached an agreement with Capri Holdings (Versace, Jimmy Choo and Michael Kors) to put an end to their planned merger, in view of the uncertainties associated with the legal process.
Following this agreement, Tapestry's Board of Directors has decided to authorize an additional $2bn in share buybacks, part of which should be carried out under an accelerated buyback program.
Tapestry confirms that it will maintain its annual dividend at $1.40 per share for FY 2025, and is committed to increasing it at a rate at least in line with earnings growth to reach a target payout ratio of 35% to 40%.
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Following this agreement, Tapestry's Board of Directors has decided to authorize an additional $2bn in share buybacks, part of which should be carried out under an accelerated buyback program.
Tapestry confirms that it will maintain its annual dividend at $1.40 per share for FY 2025, and is committed to increasing it at a rate at least in line with earnings growth to reach a target payout ratio of 35% to 40%.
Copyright (c) 2024 CercleFinance.com. All rights reserved.