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Tapestry’s Proposed Acquisition of Capri

A Global House of Iconic Brands

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Our Brands

Tapestry

 

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Capri

 

Versace
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Michael Kors3

Overview

Tapestry is a leading house of iconic accessories and lifestyle brands consisting of Coach, kate spade new york and Stuart Weitzman. Each of these unique brands shares a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. Capri Holdings is a global fashion luxury group, consisting of founder-led brands Versace, Jimmy Choo, and Michael Kors, whose reputation rests on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories.

On August 10, 2023, we announced an agreement for Tapestry to acquire Capri. As we have said since the deal was announced, this is a pro-competitive, pro-consumer transaction that will unite six brands offering products across several categories, including handbags and accessories, footwear, and apparel. With the acquisition, we will gain access to a broader set of global luxury consumers and geographies and will drive sustainable, healthy growth for Capri’s brands, building desire and engagement with consumers globally.

We are confident that the transaction will better position the combined company in today’s dynamic and expanding $200+ billion global luxury industry, in which hundreds of rival brands – including established players and new entrants alike – compete for consumers with products across a wide range of categories and price points.

We’re proud of our track record not only of innovating for consumers, but also providing industry-leading wages and benefits for our employees and we’re confident the combined company will continue to set the bar in both respects.

The FTC is the only regulator challenging this deal, which received clearance in all other relevant jurisdictions.

Announcements

Link to: Tapestry, Inc. Issues Statement on District Court Ruling
Download Tapestry, Inc. Issues Statement on District Court Ruling

Tapestry, Inc. Issues Statement on District Court Ruling

10/24/2024

Read our statement
Link to: Tapestry, Inc. Responds to the FTC's Lawsuit
Download Tapestry, Inc. Responds to the FTC's Lawsuit

Tapestry, Inc. Responds to the FTC's Lawsuit

04/24/2024

Download press release
Link to: Capri Holdings Limited Issues Statement on FTC Action Seeking to Block Proposed Transaction with Tapestry, Inc.
Download Capri Holdings Limited Issues Statement on FTC Action Seeking to Block Proposed Transaction with Tapestry, Inc.

Capri Holdings Limited Issues Statement on FTC Action Seeking to Block Proposed Transaction with Tapestry, Inc.

04/22/2024

View full press release
Link to: Tapestry + Capri Holdings Investor Presentation
Download Tapestry + Capri Holdings Investor Presentation

Tapestry + Capri Holdings Investor Presentation

04/10/2024

Download presentation
Link to: Tapestry, Inc. Announces Definitive Agreement to Acquire Capri Holdings Limited, Establishing A Powerful Global House of Iconic Luxury and Fashion Brands
Download Tapestry, Inc. Announces Definitive Agreement to Acquire Capri Holdings Limited, Establishing A Powerful Global House of Iconic Luxury and Fashion Brands

Tapestry, Inc. Announces Definitive Agreement to Acquire Capri Holdings Limited, Establishing A Powerful Global House of Iconic Luxury and Fashion Brands

08/10/2023

View Tapestry + Capri press release

Media

Bloomberg Opinion

Tapestry-Capri Misses the Point in Luxury Fight

Tapestry and Capri have made a compelling case that its boundaries are sufficiently fuzzy to cast doubt on the FTC’s claim of dominance and therefore that shoppers will get a raw deal.

Read full article

The Wall Street Journal

Is Your Bag Luxurious Enough for a Government Lawsuit?

"... as evidence emerged in court,” it became clear “how difficult it is to define a category as nebulous as ‘accessible luxury’ bags.”

Read full article

Women's Wear Daily

Economists Square Off in Tapestry Antitrust Case

Scott Morton slammed the government’s analysis as built on a faulty base and as full of “short cuts.”

Read full article

Bloomberg

Taylor Swift’s Handbag Signals Market Is Competitive, Michael Kors Tells Judge

During Kors’ testimony, a Capri lawyer asked the designer which brands he considered the rivals to his bags. “It has become much more elastic — everything from Lululemon, Zara, Louis Vuitton, to resale,” he said, referring to second-hand sales, which weren’t prevalent in the 2000s but are available to a wide swath of consumers these days. “Now everybody is out there.”

Read full article

Vogue Business

Tapestry prepares fight against FTC’s Capri merger block

“If the deal was as much of a concern as the FTC is suggesting, third-party brands would be speaking up. Yet fashion brands outside of Tapestry and Capri have remained mum.”

Read full article

The Washington Post

The FTC’s trustbusting is getting ridiculous. Luxury handbags? Please.

The Tapestry-Capri combination would leave slightly more than 90 percent of the U.S. luxury goods market to competitors.

Read full article

Bloomberg Opinion

Tapestry-Capri and Pricey Purses Are the Wrong Targets for Trustbusters

The FTC argues that the $8.5 billion deal would mean less choice for American consumers. But it ignores the might of Louis Vuitton and Dior.

Read full article

Reuters

In Michael Kors, Coach merger challenge, FTC’s case is not in the bag

The FTC’s antitrust concerns center on handbags. But even this sub-segment is huge. On Amazon, for example, a search for women’s purses generates more than 50,000 items for sale. How can combining three brands under one roof be a substantial loss of competition?

Read full article

The Wall Street Journal

Lina Khan Wears Prada

The FTC pulls the old antitrust trick of redefining the luxury market to discover competitive harm.

Read full article

Yahoo! Finance

The party is dying down for luxury retail: Fmr. LVMH chair

“I was surprised,” former LVMH North America Chairman Pauline Brown said on the FTC's lawsuit to block the Tapestry-Capri merger. “We’ve never really seen this, at least in my career, in fashion…most of these brands are just trying to survive.”

Read full article

Independent Commentary

  • "Tapestry’s acquisition of Capri will enable the combined company to compete more successfully with the European giants that dominate the international luxury retail market as well as some 700 other companies operating in this sector. The merger would help it to increase quality, innovation, and choices for consumers in New York City and across the country. It is clearly in the interests of the city and the nation that the FTC withdraw its litigation."

    Kathryn Wylde President & CEO of the Partnership for New York City

    PFNYC: Partnership for New York City Urges New York Officials to Support Tapestry Inc.’s Acquisition of Capri Holdings (August 26, 2024)

  • "There’s so much the FTC didn’t consider…the case simply doesn’t make logical sense in many ways."

    Susan Scafidi Director of the Fashion Law Institute, Fordham University School of Law

    Reuters: In Michael Kors, Coach merger challenge, FTC’s case is not in the bag (April 25, 2024)

  • "There isn’t a lack of competition in the luxury segment and the combination of Capri and Tapestry does not give them a dominant position… There are lots of brands out there… including countless European options that any American shopper can access online."

    Neil Saunders Managing Partner, Global Data

    Business of Fashion: Is the FTC Really Going to Stop Tapestry and Capri From Merging? (April 19, 2024)

  • "A primary mission of the FTC is to ‘prevent anticompetitive mergers’…but stepping in to block the Tapestry-Capri deal would be a step in the opposite direction."

    Pamela Danziger Owner, Unity Marketing Inc.

    Forbes: FTC Could Scuttle Tapestry-Capri Merger, Killing Its Ability To Compete In The Luxury Market (April 18, 2024)

  • "You only have to walk into any handbag or department store to know that there are innumerable other choices."

    Richard Kestenbaum Co-founder and Partner, Triangle Capital LLC

    Forbes: FTC May Challenge Coach’s Purchase Of Michael Kors, Jimmy Choo, Versace (April 18, 2024)

  • "The high level of competition in the luxury industry is one reason why the FTC rarely challenges such mergers."

    Barry Nigro Antitrust Partner, Fried Frank, and former DOJ Principal Deputy Assistant Attorney General

    The Wall Street Journal: FTC Blocks $8.5 Billion Deal Uniting Coach, Michael Kors (April 22, 2024)

  • "Regulators sometimes introduce competition lawsuits if they think a case has a particularly strong chance to establish precedent that can be used in future cases… [Tapestry Capri] is not a case that has great appeal as a way of protecting the downtrodden."

    William Kovacic Former FTC Chairman

    The New York Times: F.T.C. Said to Consider Blocking Major Fashion Merger (April 17, 2024)

*Permission to use quotes neither sought nor obtained

Contact Us

Tapestry, Inc.

Media:
Andrea Shaw Resnick
Chief Communications Officer
212/629-2618
[email protected]

Brunswick Group
646/387-4358

Analysts and Investors:
Christina Colone
Global Head of Investor Relations
212/946-7252
[email protected]

Capri Holdings Limited

Investor Relations:
Jennifer Davis
201/514-8234
[email protected]

Media:
[email protected]