Luxury fashion company Coach Inc. are set to acquire competitor Kate Spade, in a deal thought to be worth $2.4bn. Speaking on the move, chief executive of Coach, Victor Luis noted that “The acquisition of Kate Spade is an important step in Coach’s evolution as a customer-focused, multi-brand organization.” The company also announced its intention to retain Kate Spade’s independence as a brand and to ensure that key personnel are kept in the company to smooth the transition.