Coach parent company Tapestry to buy Michael Kors and Versace owner

Tapestry is set to purchase the owner of Versace and other big fashion brands (Alamy/PA)

Tapestry, the parent company of luxury handbag and accessories retailer Coach, is buying the owner of fashion brands including Michael Kors, Versace and Jimmy Choo, Capri Holdings.

The approximately 8.5 billion US dollar (£6.6 billion) deal puts Tapestry in a better position to take on its big European fashion rivals.