| FTC Bid to Stop Handbag
Merger of Capri & Tapestry Day
5 Has Defense Editor then Sealing
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
Sept 13 – At Day 5 of the
hearing on the US Federal Trade
Commission's bid to enjoin the
merger of Tapestry and Capri
started up before U.S. District
Court for the Southern District
of New York Judge Jennifer L.
Rochon, Inner City Press was
there, from the thread here,
more on X for Subscribers here
and Substack here
Tapestry witness is asked
if "influencers" with handbags is pay to play.
"Certainly with the Kardashians," she says.
FTC lawyer: You wrote that [FTC expert] Dr.
Smith was using data wrong - you wrote that,
right? Tapestry witness Karen Giberson: I did.
FTC lawyer: So there's no support for your
statement? Giberson: Correct but...
Redirect: Tapestry lawyer: Ms. Giberson, are
you here to curry favor with the [merging]
firms? Giberson: I am not. Tapestry lawyer:
Has anyone expressed concern to you about this
deal? Giberson: No. Tapestry: No further
questions
Next Tapestry witness is chief of supply
chain Peter Charles. Charles: I am also in
charge of our ESG initiative. We are driven by
values, planet & community. Judge: Remind
me of what ESG is. Charles: Environmental,
Social, Governance
Judge: Where do you source from? Tapestry's
Peter Charles: Southeast Asia, and
Bangladesh.. Judge: Why did you start to
migrate from China? Charles: Diversification.
We had 90% in China, it was risky.
Q: As you aware of any luxury brands that
manufacture in China? Tapesty's Charles:
Prada, Alexander Wang, others... Now FTC cross
FTC: Ms. Crevoiserat emailed you about supply
chain issues - and this, designated
confidential
Now cross by FTC FTC: In your job, you don't
assess conditions of entry into the US market?
Charles: I do not
Tapestry lawyer: The courtroom will have to be
sealed for the next witnesses
More on X for
Subscribers here
and Substack here
The case is
Federal Trade Commission v.
Tapestry, Inc. et al.,
1:24-cv-3109 (Rochon)
***
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