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Tapestry

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Tapestry Shares Drop Despite Strong Earnings Amid Tariff and Brand Challenges
business8 months ago

Tapestry Shares Drop Despite Strong Earnings Amid Tariff and Brand Challenges

Tapestry, the parent company of Coach and Kate Spade, saw its shares drop 15% after announcing that increased tariffs will reduce its profits by $160 million in the upcoming fiscal year, despite strong sales growth. The company expects modest revenue growth and is exploring strategies to mitigate tariff costs, such as diversifying manufacturing locations and improving operational efficiency, while maintaining a positive sales outlook.

via CNBC|
#business#coach#profits
Tapestry and Capri Scrap $8.5B Merger Due to Regulatory Challenges
business1 year ago

Tapestry and Capri Scrap $8.5B Merger Due to Regulatory Challenges

Tapestry, Inc. and Capri Holdings Limited have mutually agreed to terminate their $8.5 billion merger due to legal uncertainties and a blocked acquisition ruling. Tapestry will redeem $6.1 billion in senior notes and reimburse Capri $45 million for transaction expenses. The company also announced a $2 billion share repurchase program and plans to maintain its annual dividend. Capri Holdings will focus on growth strategies, including reducing the Michael Kors store fleet. Tapestry's shares rose 8.25% premarket, while Capri's fell 5.60%.

via Benzinga|
#business#capri-holdings#legal-hurdles
Capri and Tapestry Call Off $8.5B Merger Amid Regulatory Challenges
business1 year ago

Capri and Tapestry Call Off $8.5B Merger Amid Regulatory Challenges

Capri and Tapestry have mutually agreed to terminate their planned $8.5 billion merger after facing regulatory hurdles from the Federal Trade Commission, which blocked the deal citing potential consumer disadvantages and reduced employee benefits. The merger would have combined six major fashion brands under one company. Following a federal judge's ruling in favor of the FTC, Tapestry's shares rose while Capri's fell. Both companies are now focusing on their individual growth strategies, with Capri planning initiatives to revitalize its brands, particularly Michael Kors.

via CNBC|
#business#capri#ftc
Capri and Tapestry Cancel $8.5B Merger Due to Regulatory Challenges
business1 year ago

Capri and Tapestry Cancel $8.5B Merger Due to Regulatory Challenges

Capri Holdings Limited and Tapestry, Inc. have mutually agreed to terminate their merger agreement due to unlikely regulatory approval by the set deadline. Capri Holdings will focus on growth strategies for its luxury brands, including Versace, Jimmy Choo, and Michael Kors, emphasizing brand desirability, product innovation, and omni-channel consumer experiences. The company plans to discuss these strategies further at an Investor Day in February 2025.

via Capri Holdings|
#business#capriholdings#growthstrategy
finance2 years ago

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.

via Yahoo Finance|
#capri-holdings#coach#earnings-miss
business2 years ago

Tapestry's Fiscal 2024 Outlook Weakens Amid Soft U.S. Demand

Tapestry, the parent company of Coach, reported lower-than-expected quarterly results and forecasted weak profit and sales for fiscal 2024. The decline in demand for luxury handbags and accessories in the United States, due to a higher cost of living and inflation, offset the boost from solid demand recovery in China. Tapestry's sales were also impacted by a strong dollar, resulting in declines across its brands, including Kate Spade and Stuart Weitzman. The company expects adjusted earnings of $4.10 to $4.15 per share in fiscal 2024, below analysts' estimates.

via Yahoo Finance|
#business#earnings#luxury-goods