Capri Holdings to Tapestry

Luxury & Apparel/Aug 2023/Barclays

Deal Information

Target

Capri Holdings

Acquiror

Tapestry

Sector

Luxury & Apparel

Target Type

Public

Acquiror Type

Strategic

Advisors

Barclays

Enterprise Value

$8.5B

EV / LTM Sales

1.5x

EV / LTM EBITDA

9.0x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

7 comps


May 2017	Kate Spade & Company	Coach, Inc.	$2.4B	-	10.2x	-
May 2015	Ann Inc.	Ascena Retail Group, Inc.	$2.0B	-	8.2x	-
Dec 2013	The Jones Group, Inc.	Sycamore Partners	$1.2B	-	8.9x	-
May 2013	Rue 21, Inc.	Apax Partners, L.P.	$1.1B	-	9.9x	-
Oct 2012	The Warnaco Group, Inc.	PVH Corp.	$3.0B	-	8.5x	-
Nov 2010	J.Crew Group, Inc.	Leonard Green & Partners, L.P., TPG	$2.7B	-	8.6x	-
Mar 2010	Tommy Hilfiger	PVH Corp.	$3.1B	-	8.3x	-
	Mean			-	8.9x	-
	Median			-	8.6x	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 11.75% – 13.75%
Terminal method: Perpetuity growth
Terminal assumption: 2.0%
Forecast basis: Management projections
Forecast period: last nine months of fiscal year 2024 and fiscal years 2025 through 2028

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Barclays	11.75% – 13.75%	Perpetuity growth	2.0%	Management projections	last nine months of fiscal year 2024 and fiscal years 2025 through 2028	Open