Bling Fling: Coach Will Spend $2.4B on Kate Spade - NBC 5 Dallas-Fort Worth

Bling Fling: Coach Will Spend $2.4B on Kate Spade

Coach will pay $18.50 per share of Kate Spade & Company under the deal

    Winter Olympics PyeongChang 2018 Medal Count
    Country
    Total
    1
    Norway
    1311933
    2
    Germany
    127524
    3
    Canada
    96722
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    Bling Fling: Coach Will Spend $2.4B on Kate Spade
    Brian Ach/Getty Images, File

    Coach will spend $2.4 billion for Kate Spade, tying together two premier brands in the luxury goods sector that have fought to snare younger shoppers.

    Noting that crucial demographic, Coach Inc. CEO Victor Luis said in a company release Monday that Kate Spade has a "strong awareness among consumers, especially millennials."

    Coach will pay $18.50 per share of Kate Spade & Company. That's a 9 percent premium to its Friday closing price of $16.97.

    The boards of both New York companies have approved the deal, which is targeted to close in the third quarter.

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    (Published Tuesday, Feb. 20, 2018)

    Kate Spade's stock surged more than 8 percent before the opening bell.