Tapestry, the parent company of Coach, reported third-quarter revenue below Wall Street expectations, signaling a decline in demand for its handbags and accessories. Despite this, Tapestry's stock fell after an earnings beat. Concurrently, the Federal Trade Commission (FTC) is attempting to block Tapestry's proposed $8.5 billion acquisition of rival Capri, citing concerns over competition in the 'accessible luxury' market. A federal judge has allowed the FTC to use this market definition in their case, as the FTC moves to maintain competition.
The federal judge overseeing the FTC's case to block Tapestry’s $8.5 billion takeover of rival Capri will allow the antitrust enforcers to use the “accessible luxury” market https://t.co/MxEgGWrJAk
The federal judge overseeing the FTC's case to block Tapestry’s $8.5 billion takeover of rival Capri will allow the antitrust enforcers to use the “accessible luxury” market https://t.co/SvVH0t5vaa
The federal judge overseeing the FTC's case to block Tapestry’s $8.5 billion takeover of rival Capri will allow the antitrust enforcers to use the “accessible luxury” market https://t.co/pHhBjaqzzQ
🇺🇸 Megamergers like Tapestry-Capri and Saks-Neiman face the FTC https://t.co/U75hBvGvvP
This quarter’s soft results from Tapestry underline why the group is so keen to acquire Capri. But the intervention of the FTC into the case has thrown something of a wrench into the works. Great to chat with WWD... https://t.co/jMeklaCvF6
Tapestry Stock Falls After Earnings Beat. Here’s Why. https://t.co/kUBiqKe2Pv
⚠️ COACH PARENT TAPESTRY MISSES QUARTERLY REVENUE EXPECTATIONS Full Story → https://t.co/0ONXow2dki 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… https://t.co/ISqy0T18Rk
‘Accessible Luxury’ On Trial As FTC Moves To Block Tapestry From Acquiring Capri https://t.co/lninVctljY https://t.co/hvcn9Nz68g