Noting that crucial demographic, Coach Inc. CEO Victor Luis said in a company release Monday that Kate Spade has a "strong awareness among consumers, especially millennials."
Coach will pay $18.50 per share of Kate Spade & Company. That's a 9 percent premium to its Friday closing price of $16.97.
The boards of both New York companies have approved the deal, which is targeted to close in the third quarter.
Kate Spade's stock surged more than 8 percent before the opening bell.
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