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Capri’s $57 Takeover Dream Died—Could $26 Be Its Second Chance?

Capri Holdings is back at the center of takeover speculation, nearly two years after regulators derailed Tapestry’s proposed $8.5 billion acquisition at $57 per share. This time, however, the company looks considerably different. Versace has been sold, Michael Kors is undergoing a major repositioning, Jimmy Choo is gaining momentum, and Capri’s balance sheet has been dramatically deleveraged. Reports that the company has connected with investors interested in a potential acquisition sent the stock sharply higher, although the discussions appear informal and a transaction may not be near-term. Jefferies has outlined a wide valuation range: roughly $17-$19 per share using current earnings and a 9x-10x EBITDA framework, versus approximately $26 under a more optimistic scenario based on FY2028 EBITDA expectations.