Capri Holdings terminates merger with Tapestry; receives $45M fee, outlines growth plan

Capri Holdings Ltd

Merger with Tapestry mutually terminated Nov 13; Tapestry pays Capri ~$45M cash termination fee Nov 14.
Retention awards for CFO/COO Edwards: $800K target (50% Dec 2024, 50% Jun 2025) plus $250K bonus.
GC/CSO McDonough receives $275K target and $250K bonus; special bonus clawback if leave before Dec 2025.
Press release details strategies for Versace, Jimmy Choo, Michael Kors on branding, product, omni-channel.
Investor Day planned late February 2025; equity awards amended to full vesting on change in control.

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