The handbag company Coach has bought rival Kate Spade for $2.4 billion as the matronly brand looks to expand its appeal to millennial shoppers. “[Kate Spade] allows us to go after a new customer segment,” says Coach exec Victor Luis.

The company adds that 60 percent of Kate Spade consumers are millennials, while Reuters reports that both Kate Spade and Coach have struggled to keep sales numbers afloat as more shoppers prefer to buy online. Kate Spade announced back in December that it was looking for a buyer.

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