The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Coach handbag maker Tapestry posted third-quarter revenue below Wall Street expectations on Thursday as demand for its handbags and accessories continued to falter in the face of high inflation.
Tapestry’s net sales came in at $1.48 billion in the quarter ended March 30, compared to analysts’ average estimate of $1.50 billion, according to LSEG data.
The company’s proposed $8.5 billion buyout of Michael Kors owner Capri is facing hurdles as the US Federal Trade Commission has sued to block it on grounds that the deal would eliminate “direct head-to-head competition” between the flagship brands of the two luxury handbag makers.
By Savyata Mishra; Editing by Arun Koyyur
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Is the FTC Really Going to Stop Tapestry and Capri From Merging?
Blocking the deal would set a new precedent for fashion M&A in the US and leave Capri Holdings in a precarious position as it attempts to turn around its Michael Kors brand.
After a decade of turnaround attempts, the British trenchcoat maker’s efforts to thrive as a top luxury player continue to falter. The brand needs more accessible prices and marketing — and quick.
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The management shakeup was announced as the Cartier owner reported mixed sales results including an unexpected turnaround in the US.
CEO Daniel Lalonde hopes to stand out from competitors in the luxury design segment by spotlighting the group’s most recognisable brands.