By Minda Smiley

Coach has announced that it has officially acquired rival handbag maker Kate Spade in a $2.4bn deal.

The deal comes after months of speculation that the two New York-based fashion brands would tie the knot.

In a statement, Coach said that it will focus on preserving Kate Spade‘s brand independence and retaining key talent to ensure a “smooth transition” to Coach’s ownership.

“Kate Spade has a truly unique and differentiated brand positioning with a broad lifestyle assortment and strong awareness among consumers, especially millennials,” said Victor Luis, chief executive of Coach, in a statement. “Through this acquisition, Read full story ›

Source: The Drum