| FTC Bid to Stop
Handbag Merger of Capri &
Tapestry Day 6 Has Michael Kors
& Ex-Macy's
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
Sept 16 – At Day 6 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
Michael Kors on the stand:
Tapestry
attorney: What is the status of the Michael
Kors brand?
Michael Kors: Suffering brand fatigue.
Tapestry attorney: Capri's plan to revitalize
the Michael Kors brand, how is it going?
Michael Kors: Not well...
Now a Tapestry witness. Tapestry lawyer: We
move to admit this chart, "Michael Kors: US
Handbag List Price v. Actual Selling Price
(2018 - 2023)" - red line in decline. Witness:
There were supply chair issues and overall
inflation. Then our prices decreased
Witness is Capri's Edwards, now onto his
emails with Jennifer Davis. Judge: Mr. Edward,
do you have an explanation of why this slide
desk was circulated within Capri? Edwards: It
was a hodgepodge, for perspective.
FTC lawyer: You are in charge of Capri's SEC
reporting? Edwards: I am FTC lawyer: What
about this, that Capri is subject to
restrictions even prior to any consummation of
the merger - does this limit the Kors
business? Edwards: Not necessarily. FTC: But
SEC filing
Now FTC contests scope of former ex-CEO
of Macy's Jeff Gennette. Judge: He is not an
expert in the economic impact of the merger.
Defense: Why are you here today?
Gennette: I was hired by Tapestry and Capri to
talk about certain aspects of the market
Judge: How many more witnesses do the
defendants have? Tapestry lawyer: One.
Tomorrow.
Judge: So we'll resume - and end -
tomorrow
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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