Tapestry, Inc. Issues Statement on District Court Ruling
Tapestry (NYSE: TPR) has responded to a U.S. District Court ruling that granted the FTC's request for a preliminary injunction regarding its proposed acquisition of Capri Holdings (NYSE: CPRI). The company expressed disappointment with the decision, stating it believes the ruling is incorrect on both legal and factual grounds. Tapestry, which owns Coach, kate spade new york, and Stuart Weitzman brands, argues that the industry is highly competitive, dynamic, and fragmented. The company has announced its intention to appeal the decision in accordance with the merger agreement terms.
Tapestry (NYSE: TPR) ha risposto a una sentenza di un tribunale distrettuale degli Stati Uniti che ha accolto la richiesta della FTC per un'ingiunzione preliminare riguardante la sua proposta di acquisizione di Capri Holdings (NYSE: CPRI). L'azienda ha espresso delusione per la decisione, affermando di ritenere che la sentenza sia errata sia dal punto di vista legale che fattuale. Tapestry, che possiede i marchi Coach, kate spade new york e Stuart Weitzman, sostiene che il settore è altamente competitivo, dinamico e frammentato. L'azienda ha annunciato la sua intenzione di presentare ricorso contro la decisione in conformità con i termini dell'accordo di fusione.
Tapestry (NYSE: TPR) ha respondido a una decisión de un tribunal federal de EE. UU. que concedió la solicitud de la FTC para una orden de restricción preliminar sobre su propuesta de adquisición de Capri Holdings (NYSE: CPRI). La empresa expresó su decepción con la decisión, afirmando que considera que la sentencia es incorrecta tanto en términos legales como fácticos. Tapestry, que posee las marcas Coach, kate spade new york y Stuart Weitzman, argumenta que la industria es altamente competitiva, dinámica y fragmentada. La compañía ha anunciado su intención de apelar la decisión de acuerdo con los términos del acuerdo de fusión.
테이퍼스트리 (NYSE: TPR)은 미국 지방 법원의 판결에 대해 반응하였으며, 이 판결은 FTC의 카프리 홀딩스 (NYSE: CPRI) 인수 제안에 대한 임시 금지 명령 요청을 승인했습니다. 회사는 이 결정에 실망감을 표명하며, 법적 및 사실적 근거 모두에서 판결이 잘못되었다고 믿고 있다고 밝혔습니다. 테이퍼스트리는 Coach, kate spade new york, Stuart Weitzman 브랜드를 소유하고 있으며, 업계가 매우 경쟁적이고 역동적이며 분산되어 있다고 주장합니다. 회사는 인수 계약 조건에 따라 이 결정에 대해 항소할 의사를 발표했습니다.
Tapestry (NYSE: TPR) a réagi à un jugement d'un tribunal de district américain qui a accordé la demande de la FTC pour une injonction préliminaire concernant son acquisition proposée de Capri Holdings (NYSE: CPRI). L'entreprise a exprimé sa déception face à cette décision, affirmant qu'elle estime que le jugement est incorrect tant sur le plan juridique que factuel. Tapestry, qui possède les marques Coach, kate spade new york et Stuart Weitzman, soutient que l'industrie est hautement compétitive, dynamique et fragmentée. L'entreprise a annoncé son intention de faire appel de la décision conformément aux termes de l'accord de fusion.
Tapestry (NYSE: TPR) hat auf ein Urteil eines US-Bezirksgerichts reagiert, das den Antrag der FTC auf eine einstweilige Verfügung bezüglich der geplanten Übernahme von Capri Holdings (NYSE: CPRI) genehmigt hat. Das Unternehmen äußerte Enttäuschung über die Entscheidung und erklärte, dass es die Entscheidung sowohl aus rechtlicher als auch aus faktischer Sicht für falsch hält. Tapestry, das die Marken Coach, kate spade new york und Stuart Weitzman besitzt, argumentiert, dass die Branche stark wettbewerbsfähig, dynamisch und fragmentiert ist. Das Unternehmen hat seine Absicht angekündigt, gegen die Entscheidung gemäß den Bedingungen des Fusionsvertrags Berufung einzulegen.
- None.
- Court grants preliminary injunction against Tapestry's proposed Capri Holdings acquisition
- Legal setback could delay or prevent the completion of strategic merger
Insights
The court's decision to block Tapestry's
The legal battle highlights the heightened regulatory scrutiny of market consolidation, particularly in concentrated consumer goods sectors. Tapestry's planned appeal indicates a protracted legal process ahead, which creates uncertainty for both companies' strategic directions. The outcome could influence future deal structures and market consolidation strategies in the retail luxury space.
This ruling significantly impacts Tapestry's growth strategy and market positioning. The blocked merger would have created a
Short-term stock volatility is likely as investors reassess both companies' standalone prospects. The blocked merger may force Tapestry to explore alternative growth strategies or smaller acquisitions, while maintaining focus on organic growth through their existing Coach, Kate Spade and Stuart Weitzman brands.
“Today’s decision granting the FTC’s request for a preliminary injunction is disappointing and, we believe, incorrect on the law and the facts. 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. We face competitive pressures from both lower- and higher-priced products and continue to believe this transaction is pro-competitive and pro-consumer. We intend to appeal the decision, consistent with our obligations under the merger agreement.”
About Tapestry, Inc.
Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.
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Tapestry, Inc.
Media:
Andrea Shaw Resnick
Chief Communications Officer
212/629-2618
aresnick@tapestry.com
Analysts and Investors:
Christina Colone
Global Head of Investor Relations
212/946-7252
ccolone@tapestry.com
Source: Tapestry, Inc.
FAQ
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