Tapestry's Earnings Miss and Weak Forecast Amid Capri Deal

Tapestry, the parent company of luxury designer brands like Coach and Kate Spade, reported an earnings miss in its fourth quarter and provided a weakened forecast. This comes after Tapestry announced its acquisition of rival Capri Holdings in an $8.5 billion deal. The company's shares remained relatively unchanged, and there are questions about whether they overpaid for the acquisition. Tapestry aims to target Gen Z and millennial consumers and has acquired 6.5 million new customers, half of which are from these demographics.