TapestryNYSE: TPR

A federal judge has made a decision to stop the upcoming merger between luxury fashion brands Tapestry and Capri, stating that it would harm competition in the handbag industry.

Tapestry, Inc., which owns well-known brands like Coach, kate spade new york, and Stuart Weitzman, has responded to a recent court ruling about its planned purchase of Capri Holdings Limited. The company expressed disappointment over the U.S. District Court's decision to grant a preliminary injunction requested by the FTC, stating that they believe the ruling is incorrect.

Kate Rooney from CNBC appears on 'Closing Bell Overtime' to share important news about the merger between Tapestry and Capri.

On Thursday, November 7, 2024, at 8:00 a.m. (ET), Tapestry, Inc. (NYSE: TPR) will host a conference call to discuss its first quarter results for fiscal 2025, which will be announced earlier that day. To join the call, dial 1-866-847-4217 or 1-203-518-9845 and enter Conference ID 4306173. You can also listen to the audio webcast at www.tapestry.com/investors, and a telephone replay will be available for five days.

Tapestry (TPR) has a strong record of surprising with its earnings and currently has the right mix of factors that suggest it may exceed expectations in its upcoming quarterly report.

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The U.S. antitrust trial regarding Tapestry's $8.5 billion offer to purchase Capri ended on Monday. Tapestry's lawyers argued that the handbag market is "intensely competitive" to counter claims that consumers would have to pay higher prices.

A senior executive from Tapestry stated on Tuesday that if the company merged with Capri's Michael Kors brand, they could increase prices and reduce discounts. This testimony came as regulators were trying to prevent the $8.5 billion merger.

The luxury market is closely watching the slowdown in China. Most luxury brands are seeing a drop in sales, except for Hermès, which stands out.