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Capri Holdings

All articles tagged with #capri holdings

Saks Global Enters Chapter 11 as Major Creditors Surface
business1 month ago

Saks Global Enters Chapter 11 as Major Creditors Surface

Saks Global filed for Chapter 11 in Texas, revealing assets and debts between $1 billion and $10 billion and more than 10,000 creditors. Christian Louboutin is listed as the 13th-largest unsecured creditor owed $21.6 million, while Capri Holdings (Jimmy Choo/Michael Kors) is owed $33.3 million; Chanel and Kering are also noted creditors. The company secured about $1.75 billion in financing to operate through restructuring and has reorganized leadership, underscoring the fragile state of luxury retail as foot traffic trends weaken and top brands and vendors loom large in the path to a recovery.

via WWD|
#business#capri-holdings#christian-louboutin-debt
Capri and Tapestry Cancel Merger After FTC Intervention
business1 year ago

Capri and Tapestry Cancel Merger After FTC Intervention

Capri Holdings Ltd and Tapestry Inc. have abandoned their $8.5 billion merger plan after a court order, influenced by FTC objections, blocked the deal over competition concerns in the 'accessible luxury' handbag market. The decision led to a rise in Tapestry's stock and a partial recovery for Capri's shares. Capri, facing financial challenges, plans to focus on revitalizing its key brands, including Michael Kors, Versace, and Jimmy Choo, through strategic pricing, marketing, and store renovations.

via Yahoo Finance|
#business#capri-holdings#ftc
Tapestry and Capri Scrap $8.5B Merger Due to Regulatory Challenges
business1 year ago

Tapestry and Capri Scrap $8.5B Merger Due to Regulatory Challenges

Tapestry, Inc. and Capri Holdings Limited have mutually agreed to terminate their $8.5 billion merger due to legal uncertainties and a blocked acquisition ruling. Tapestry will redeem $6.1 billion in senior notes and reimburse Capri $45 million for transaction expenses. The company also announced a $2 billion share repurchase program and plans to maintain its annual dividend. Capri Holdings will focus on growth strategies, including reducing the Michael Kors store fleet. Tapestry's shares rose 8.25% premarket, while Capri's fell 5.60%.

via Benzinga|
#business#capri-holdings#legal-hurdles
finance2 years ago

Tapestry's Earnings Miss and Weak Forecast Amid Capri Deal

Tapestry, the parent company of luxury designer brands like Coach and Kate Spade, reported an earnings miss in its fourth quarter and provided a weakened forecast. This comes after Tapestry announced its acquisition of rival Capri Holdings in an $8.5 billion deal. The company's shares remained relatively unchanged, and there are questions about whether they overpaid for the acquisition. Tapestry aims to target Gen Z and millennial consumers and has acquired 6.5 million new customers, half of which are from these demographics.

via Yahoo Finance|
#capri-holdings#coach#earnings-miss