Tapestry, the New York-based accessible luxury behemoth that owns three heavily American brands (Coach, Kate Spade, and Stuart Weitzman), recently announced the purchase of Capri Holding, a U.S. company that controls Michael Kors, Jimmy Choo, but most importantly Versace. With Versace in its portfolio, and revenues between the two groups reaching $12 billion, the giant led by Joanne Crevoiserat attempts to compete with European luxury giants. Tapestry's ambitions, notes the weekly Affari&Finanza, put Italian fashion in front of one of its limits. The success of many houses, the glittering careers of numerous stylists (Maria Grazia Chiuri, Creative Director of Dior, Lvmh group, to give one example) and managers (Francesca Bellettini, Deputy CEO of Kering; Pietro Beccaria, CEO of Vuitton, the world's largest designer label with more than 20 billion euros in revenues, also in the Lvmh stable) have not so far fostered the emergence of a large national high-end hub. Rather, Italian companies, with very few exceptions, are losing market share and becoming relatively smaller and smaller. In any case, no foreign company, in textiles, tailoring, manufacturing, leather and footwear, challenges the manufacturing excellence of Made in Italy, where even French giants continue to invest, taking over or developing manufacturing activities. But how long can this last?