Tapestry See Profile
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After the US Federal Trade Commission halted the sale, stating that it would eliminate direct competition in the mid-tier handbag market.
Q1 revenues at the Coach owner beat expectations, following the blocked acquisition of Capri Holdings.
Stay up to date on the latest industry headlines.
The company’s net sales reached $1.48 billion USD in the three-month period, down from last year’s revenues of $1.51 billion USD in the same quarter.
The court hearing for the Federal Trade Commission’s attempt to block Coach-owner Tapestry Inc.’s acquisition of Versace-parent Capri will begin on September 9.
The company claims that the Old Navy-branded product infringes on its trademarks.
The American fashion conglomerate, which also owns Kate Spade and Stuart Weitzman, earned profits of $195 million USD in the three month period.
Analysts suggest that the industry’s recent financial reports mark the end of a “global luxury bubble.”
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