On Monday Coach reached an agreement to acquire Kate Spade for $2.4 billion. Both approved the transation. Coach believes that combining firms will create a better, luxury lifestyle company. Coach also said it is “focused on preserving Kate Spade’s brand independence, as well as retaining key talent, ensuring a smooth transition to Coach Inc.’s ownership.”

About 60 percent of Kate Spade's customers are millennials, Coach said. Kate Spade gets about 15 percent of its sales from outside North America. Who are millennials? Millenials have been plugged into technology since they were babies.

Coach/ Kate Spade deal is expected to close in the third quarter of 2017 and add to adjusted earnings in fiscal 2018.