CDA Abogados advised global fashion luxury group Capri Holdings in a 130 million Mexican pesos acquisition of 30% stake in Desserto, a highly sustainable plant-based vegan leather company.

Mexico City, November, 2021.- CDA Abogados, through their partners Luis Cervantes Castillo and Alejandro Díaz Steta, and associate Florencia Franco, advised and represented Capri Holdings Limited, a global fashion luxury group, in a 130 million Mexican pesos acquisition of 30% stake in Desserto, a plant-based vegan leather manufacturer in Mexico.

CDA was entrusted with the elaboration and negotiation of the corresponding Investment Agreement, the due diligence, and the shaping of the corporate structure of the newly formed partnership. 

About Capri Holdings Limited

Capri Holdings Limited (formerly Michael Kors Holdings Limited) is a multinational fashion holding company, with executive offices in London and operational offices in New York. It was founded in 1981 by American designer Michael Kors. The global fashion luxury group consists of iconic brands that are industry leaders in design, style, and craftsmanship. Their brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear, and apparel as well as wearable technology, watches, jewelry, eyewear, and a full line of fragrance products.

Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

About Desserto

Desserto is a highly sustainable plant-based vegan-leather made from cactus, often distinguished by its great softness to touch while offering great performance for a wide variety of applications and complying with the most rigorous quality and environmental standards.

Developed by two mexicans who used to work in the automotive and fashion industries — where they identified strong environmental impact in both sectors — this vegan leather aims to offer a cruel-free and sustainable alternative, without toxic chemicals, phthalates and PVC.

The Desserto cactus vegan leather is partially biodegradable and has the technical specifications required by the fashion, leather goods, furniture and even automotive industries. this leather replacement means less harm to cows and other animals, minimum water use and carbon dioxide absorption. the result is an organic and durable vegan leather that lasts up to ten years. it’s flexible, breathable and it doesn’t stain.

Located in the Mexican state of Zacatecas, the Desserto farm is an example of how innovation can be developed responsibly. there, the harvesting process respects the cactus cycle where they select and cut only the mature leaves of the plant around every 6-8 months. no irrigation systems is used as the cacti grow healthy with rain water and earth minerals found in the area.

About CDA Abogados

CDA Abogados is a team of lawyers, led by Luis Cervantes Castillo and Alejandro Díaz, with a modern approach that intends to break the static mold that normally characterizes the legal practice in Mexico, representing their clients in diverse matters of transactional and litigious nature, offering dynamic and efficient solutions.

Its team has vast and successful local and international experience in advising foreign and domestic clients on all aspects of buying, selling or combining companies and businesses across regulated and unregulated industries, and our lawyers have represented clients in a wide array of M&A transactions, including: negotiated acquisitions, mergers and spin-offs, tender offers, leveraged buyouts, management buyouts, joint ventures and strategic alliances, corporate restructurings, and privatizations.

In addition to the fact that several of them have extensive professional experience abroad and in dealing with matters with transnational components, which are developed in different jurisdictions.

Its main strength and competitive advantage in the field of M&A is their combination of transactional and litigation expertise, and multi-disciplinary teams with lawyers from its different specialist groups. Such multi-disciplinary breadth has proven time and time again to be an indispensable asset when structuring and executing on complex, innovative and time-sensitive M&A transactions, as well as for anticipating, resolving and eliminating future controversies, giving legal certainty to their clients, and their partners and counterparties.