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Retail stock Tapestry Inc (NYSE:TPR) -- which owns luxury fashion brands Coach, Kate spade, among others -- has executed quite the V-shaped rally on the charts in the last nine months.
Matterport (NASDAQ: MTTR ) got put out of its misery with the M&A stock news on April 22 that Washington D.C.-based CoStar Group (NASDAQ: CSGP ) was buying the provider of spatial property data for $5.50 a share ($1.6 billion enterprise value) with half in cash and the other half in CoStar stock.
Two legal battles are rocking Tapestry, Inc, owner of the Coach, Kate Spade and Stuart Weitzman brands. One is a more or less routine trademark dispute against Gap Gap and its Old Navy brand.
When the Federal Trade Commission on Monday sued to block Tapestry Inc.'s acquisition of Capri Holdings, the agency said it was trying to keep handbags made by brands like Coach, Kate Spade and Michael Kors affordable to middle-income shoppers.
The US Federal Trade Commission sued to stop Tapestry's $8.5 billion takeover of rival Capri Holdings, saying the acquisition would harm consumers by raising prices on handbags and accessories in the affordable luxury sector. Kimberly Adams reports on Bloomberg Television.
The planned merger of fashion groups Tapestry Inc (NYSE:TPR), which owns Kate Spade and Coach, and Capri Holdings, which owns Michael Kors, Versace and Jimmy Choo, has been blocked by the US antitrust watchdog. Tapestry's $8.5 billion deal to buy Capri, agreed last August, was blocked by the Federal Trade Commission as it said the Coach, Kate Spade and Michael Kors brands are close competitors.
Tapestry had offered to buy Capri in August, hoping to create a US fashion behemoth that could effectively battle bigger European rivals such as Louis Vuitton parent LVMH.
The Federal Trade Commission on Monday sued to block Tapestry Inc.'s TPR, -0.76% $8.5 billion acquisition of Capri Holdings CPRI, -1.48%, arguing that a deal would reduce competition and allow Tapestry to dominate the so-called “accessible luxury” handbag market. Shares of Capri were down 0.2% after hours, while Tapestry was up 0.3%.
FTC sues to block Coach parent Tapestry's acquisition of Capri Holdings
Tapestry (TPR) boosts growth and brand loyalty through strategic marketing, digital innovation, and acquisitions, positioning itself for sustainable success in the luxury fashion market.