Extras: FTC Bid to Stop Handbag Merger of Capri & Tapestry Day 2 Has Parade of Execs and Emails
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by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, Sept 9 – At Day 2 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
Coach CEO Joanne C. Crevoiserat: Sunrise was our M&A strategy overall.
FTC lawyer: In this memo, you wrote about Coach's supply chain innovation "creating the accessible luxury market," right?
Crevoiserat: We don't own our supply chain but it set up apart
Tapestry lawyer Alfred Pfeiffer: Tell us how Tapestry would help the Capri brands if this merger is allowed to go through.
Crevoiserat: Tapestry provides opportunities that all brands can leverage. Consumers are moving so fast today. We've done ethnographic work
Tapestry lawyer Pfeiffer: What is "Comet"? Coach CEO Crevoiserat: It's the code name we gave Capri. Pfeiffer: This says Comet's brands target different "emotional territories" than our brands... [Crevoiserat lifts up a handbag, and jokes, I can sell some today]
Coach's CEO Crevoiserat: We see competition everywhere
Now on the stand, Liz Harris of Tapestry. FTC lawyer: Your counsel has labeled much of this confidential, so I'll tread lightly. Versace's consumers are luxury consumers, correct? Harris: Yes, that's correct.
Right at 5 pm, FTV . Tapestry ends for the day, with talk of the next witnesses --
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