{"id":118277,"date":"2024-10-25T17:22:52","date_gmt":"2024-10-25T10:22:52","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=118277"},"modified":"2024-10-25T17:22:52","modified_gmt":"2024-10-25T10:22:52","slug":"capri-stock-craters-45-after-judge-blocks-8-5-billion-tapestry-deal","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=118277","title":{"rendered":"Capri stock craters 45% after judge blocks $8.5 billion Tapestry deal"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Capri Holdings (<a data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/CPRI\" data-ylk=\"slk:CPRI;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">CPRI<\/a>), the parent company of Michael Kors and Jimmy Choo, saw shares plunge around 45% in premarket trading on Friday after a US judge blocked its pending $8.5 billion merger with Coach owner Tapestry (<a data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/TPR\" data-ylk=\"slk:TPR;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">TPR<\/a>).<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->In a court filing obtained by Yahoo Finance, US District Judge Jennifer Rochon ruled that &#8220;antitrust has come into fashion,&#8221; arguing a merger between the two fashion powerhouses &#8220;will substantially lessen competition in the market for accessible-luxury handbags.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tapestry and Capri had announced their proposed merger last year. The combination would have brought together six high-profile fashion brands under one roof: Tapestry\u2019s Coach, Stuart Weitzman, and Kate Spade with Capri\u2019s Versace, Jimmy Choo, and Michael Kors.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Shares of Tapestry moved in the opposite direction of Capri in the aftermath of the late-Thursday news, rising roughly 12%.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->In a statement released Thursday evening, Tapestry said it plans to appeal the decision, adding, &#8220;Tapestry and Capri operate in an industry that is intensely competitive and dynamic, constantly expanding, and highly fragmented among both established players and new entrants.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->&#8220;We face competitive pressures from both lower- and higher-priced products and continue to believe this transaction is pro-competitive and pro-consumer.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The Federal Trade Commission<a data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2024\/04\/ftc-moves-block-tapestrys-acquisition-capri#:~:text=The%20Federal%20Trade%20Commission%20today%20sued%20to%20block,Kate%20Spade%20brands%20and%20Capri%E2%80%99s%20Michael%20Kors%20brand.\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:had moved to block;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"> had moved to block<\/a> the acquisition in April, seeking a preliminary injunction to stop the deal. That injunction was granted by Rochon on Thursday.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->At the time, the agency had argued a merger would &#8220;[threaten] to deprive consumers of the competition for affordable handbags, while hourly workers stand to lose the benefits of higher wages and more favorable workplace conditions.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Tapestry fought back against those claims, arguing a merger was necessary in order to compete against dominant European players like Gucci.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The ruling blocks the merger while the FTC goes forward with its proceedings, but all parties will still have the chance to argue their case before the FTC.<!-- HTML_TAG_END --><\/p>\n<figure class=\"yf-8xybrv\">\n<div class=\"image-container yf-24rror loader\" style=\"--max-height: 640px;\">\n<div class=\"image-wrapper yf-24rror\" style=\"--aspect-ratio: 960 \/ 640; --img-max-width: 960px;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" alt=\"NEW YORK, NEW YORK - SEPTEMBER 13: A Coach bag is seen on display at a store on September 13, 2024 in New York City. Tapestry, the parent company of Coach and Michael Kors, faces an antitrust trial brought on after a Federal Trade Commission lawsuit that seeks to stop the merger of Tapestry and Capri. If the merger, which was announced over a year ago, is approved it would place six fashion brands under a single company.  (Photo by Michael M. Santiago\/Getty Images)\" loading=\"eager\" height=\"640\" width=\"960\" class=\"yf-24rror loader\"\/><\/div>\n<\/div><figcaption class=\"yf-8xybrv\"><!-- HTML_TAG_START -->A Coach bag is seen on display at a store on Sept. 13, 2024, in New York City. (Michael M. Santiago\/Getty Images)<!-- HTML_TAG_END -->  <span class=\"caption-separator yf-8xybrv\" data-svelte-h=\"svelte-nxhdlu\">\u00b7<\/span> <span>Michael M. Santiago via Getty Images<\/span><\/figcaption><\/figure>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Prior to Thursday&#8217;s ruling, Pauline Brown, former North American chair at LVMH, which owns fashion brands like Louis Vuitton and Dior, <a data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/finance.yahoo.com\/video\/why-ftc-faces-high-hurdle-222253617.html\" data-ylk=\"slk:told Yahoo Finance;cpos:4;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">told Yahoo Finance<\/a> the FTC would face a &#8220;high hurdle&#8221; in making its case.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->&#8220;The trickiest part of their legal argument is that there is a natural market &#8230; for what they are calling accessibly priced luxury handbags,&#8221; she said at the time. &#8220;The reality is, I think it&#8217;s a spectrum.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->She added it&#8217;s &#8220;a feeble argument&#8221; to say consumers will be hurt by higher prices because &#8220;the customers, if they&#8217;re happy, they&#8217;ll still come at the right price, for the right designs. And if they&#8217;re not, they&#8217;re going to go to another player.&#8221;<!-- HTML_TAG_END --><\/p>\n<p><button class=\"secondary-btn fin-size-large readmore-button rounded   yf-15mk0m\" data-ylk=\"elm:readmore;itc:1;sec:content-canvas;slk:Story%20Continues\" aria-label=\"Story Continues\" title=\"Story Continues\"> <span>Story Continues<\/span> <\/button> <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/news\/capri-stock-craters-45-after-judge-blocks-85-billion-tapestry-deal-232857381.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capri Holdings (CPRI), the parent company of Michael Kors and Jimmy Choo, saw shares plunge around 45% in premarket trading on Friday after a US judge blocked its pending $8.5 &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=118277\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-118277","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/118277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=118277"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/118277\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=118277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=118277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=118277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}