Extras: FTC Bid to Stop Handbag Merger of Capri & Tapestry Day 6 Has Michael Kors & Ex-Macy's CEO
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by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, 9/16 – 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 herebelow
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
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