Renowned luxury fashion house to acquire struggling rival
A renowned luxury fashion company is in talks to acquire a rival amid declining market.
Europe has historically dominated the luxury fashion industry for decades, thanks to the creation of some of the world's most renowned high-end brands, such as Chanel, Dior, Gucci, and Louis Vuitton.
It all changed in 1981 when American fashion designer Michael Kors founded the fashion house Capri Holdings. The company eventually acquired other esteemed brands, such as Versace and Jimmy Choo, which put the U.S. at the forefront of the luxury fashion world for many years.
