Tag: $Tapestry

Tapestry (TPR.N), forecast annual profit below estimates on Thursday, as the Coach handbag maker grapples with higher tariff costs, sending the company’s shares down 8% in premarket trading.

Shares of Coach parent Tapestry rose about 12% on Thursday after the company beat holiday-quarter sales expectations and boosted its full-year forecast.

Capri and Tapestry called off their merger on Thursday after the Federal Trade Commission successfully sued to block the megadeal.

Shares of Michael Kors owner Capri slumped nearly 46% in premarket trading on Friday after a U.S. judge blocked its pending $8.5 billion merger with handbag maker Tapestry.

Tapestry stock was rising early Thursday after the fashion company beat earnings expectations.

Coach handbag maker Tapestry cut its annual sales forecast and missed third-quarter revenue estimates on Thursday, signaling that demand for its handbags and accessories would remain weak in North America and China.

The Federal Trade Commission is seeking to block luxury retailer Tapestry from purchasing Capri Holdings for $8.5 billion, arguing that the acquisition would curb competition in the market for less expensive luxury handbags.

Tapestry which agreed to buy Capri last week, forecast fiscal 2024 profit and sales below estimates and reported lower-than-expected quarterly results on Thursday, as demand for its luxury handbags and accessories slows down in the United States.