Tapestry Confirms End of Merger Deal With Capri Holdings

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Tapestry Confirms End of Merger Deal With Capri Holdings

Zacks11-15 23:51

Tapestry, Inc. TPR, the parent company of Coach, Kate Spade and Stuart Weitzman, announced today that it has mutually agreed with Capri Holdings Limited to end its planned $8.5 billion merger. ...

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TPR, the parent company of Coach, Kate Spade and Stuart Weitzman, announced today that it has mutually agreed with Capri Holdings Limited to end its planned $8.5 billion merger. ...</p>\n\n<a href=\"https://finance.yahoo.com/news/tapestry-confirms-end-merger-deal-155100197.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tapestry Confirms End of Merger Deal With Capri Holdings</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTapestry Confirms End of Merger Deal With Capri Holdings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 23:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/tapestry-confirms-end-merger-deal-155100197.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tapestry, Inc. TPR, the parent company of Coach, Kate Spade and Stuart Weitzman, announced today that it has mutually agreed with Capri Holdings Limited to end its planned $8.5 billion merger. ...</p>\n\n<a href=\"https://finance.yahoo.com/news/tapestry-confirms-end-merger-deal-155100197.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1267930227.SGD","symbol_name":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","start_time":0,"source_url":"https://finance.yahoo.com/news/tapestry-confirms-end-merger-deal-155100197.html","article_id":"2483004753","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/.QAnJ7kevm5IZMAFlkVcjQ--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/b03b5177c739837fea3212edeb2f63c7"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483004753","pubTimestamp":1731685860,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Tapestry, Inc. TPR, the parent company of Coach, Kate Spade and Stuart Weitzman, announced today that it has mutually agreed with Capri Holdings Limited to end its planned $8.5 billion merger. Following the announcement, Tapestry’s stock surged 12.8%, reaching $57.81, while Capri Holdings saw a modest decline. Capri stock has dropped nearly 60% in 2024.On Thursday, Tapestry disclosed that legal challenges surrounding its proposed August 2023 merger are uncertain and unlikely to be resolved before the Feb. 10, 2025, deadline. This follows last month’s ruling in favor of the Federal Trade Commission , which opposed the deal, claiming it would lead to decreased competition and consumer price increases. However, the companies mutually agreed to terminate the merger, concluding it was in their best interest given the uncertain outcome of the legal process.Tapestry Focuses on Buybacks, Capri to Marketing and Product Efforts. Tapestry's first-quarter results reflected the company's brand stre","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","FTC":"First Trust Large Cap Growth Opp","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4202":"服装、服饰与奢侈品","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","DECK":"Deckers Outdoor Corporation","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","TPR":"Tapestry Inc.","CPRI":"Capri Holdings Ltd","BK4516":"特朗普概念","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","BK4567":"ESG概念","BK4146":"鞋类","ANF":"爱芬奇","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","BK4588":"碎股","GAP":"Gap, Inc","BK4094":"服装零售","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD"},"translate_title":"Tapestry确认终止与Capri Holdings的合并交易","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FTC":1,"TPR":1,"GAP":1,"ANF":1,"CPRI":0.9,"DECK":0.9},"content_text":"Tapestry, Inc. TPR, the parent company of Coach, Kate Spade and Stuart Weitzman, announced today that it has mutually agreed with Capri Holdings Limited to end its planned $8.5 billion merger. Following the announcement, Tapestry’s stock surged 12.8%, reaching $57.81, while Capri Holdings saw a modest decline. Capri stock has dropped nearly 60% in 2024.On Thursday, Tapestry disclosed that legal challenges surrounding its proposed August 2023 merger are uncertain and unlikely to be resolved before the Feb. 10, 2025, deadline. This follows last month’s ruling in favor of the Federal Trade Commission  (FTC), which opposed the deal, claiming it would lead to decreased competition and consumer price increases. However, the companies mutually agreed to terminate the merger, concluding it was in their best interest given the uncertain outcome of the legal process.\nTapestry Focuses on Buybacks, Capri to Marketing and Product Efforts\nTapestry's management emphasized the company's strong position for future growth following the merger's cancelation. Building on a successful first quarter, the company outlined plans to accelerate organic business growth with speed and boldness. Tapestry announced an enhanced shareholder return program, demonstrating confidence in its prospects and the value of its stock.With this, Tapestry's board of directors has approved an additional $2 billion share repurchase program, which the company plans to execute in the Accelerated Share Repurchase program. The repurchases will be funded through cash on hand and future debt issuance. With the existing $800 million remaining from the previous authorization, $2.8 billion will be available for share repurchases throughout this fiscal year and beyond.In fiscal 2025, Tapestry expects to maintain its annual dividend rate of $1.40 per common share, as previously announced. The company is committed to increasing its dividend in line with earnings growth over time, aiming to achieve its target payout ratio of 35% to 40%.Capri Holdings, the parent company of Versace, Michael Kors, and Jimmy Choo, announced plans to pivot its strategies following the merger's cancelation. The company will focus on growing its brands through enhanced marketing efforts, a revised retail footprint and aligning product offerings to better meet consumer preferences.Capri is evaluating Michael Kors' pricing strategy and preparing new marketing initiatives for the spring. The company plans to renovate 150 Michael Kors stores over the next two years and close 75 underperforming locations. At Versace, Capri aims to broaden the brand's price range to enhance its appeal while strengthening its e-commerce capabilities.\nMore Insights About Tapestry\nTapestry's first-quarter results reflected the company's brand strength and operational excellence that support its strategic growth initiatives. This performance highlighted the effective efforts, which successfully engaged consumers through innovative products, compelling experiences and strong storytelling. The company is positioned for continued growth, supported by its distinctive brands, a flexible platform and solid cash flow. These factors provide Tapestry with strategic and financial flexibility, enabling it to pursue accelerated organic growth and long-term value creation, particularly in fiscal 2025 and beyond.Looking ahead, Tapestry has raised its fiscal 2025 outlook, now expecting revenues of more than $6.75 billion, which represents growth of approximately 1% to 2% compared with the prior year on both a reported and constant currency basis. Regionally, at constant currency, expectations include high-teens growth in Europe, where Tapestry has significant potential for further market penetration and mid-single-digit growth in other parts of Asia.Shares of this Zacks Rank #2 (Buy) company have gained 43.2% in the past three months against the industry’s decline of 0.7%.\nImage Source: Zacks Investment Research\nThree Picks You Can’t Miss\nWe have highlighted three other stocks in the broader sector, namely Deckers DECK, Abercrombie & Fitch Co. ANF and The Gap, Inc. GAP Deckers, a footwear and accessories dealer, currently sports a Zacks Rank of #1 (Strong Buy). DECK delivered an average earnings surprise of 41.1% in the trailing four quarters. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Deckers’ current financial-year sales and earnings indicates growth of 13.6% and 12.6%, respectively, from the year-ago reported figures.Abercrombie, a leading casual apparel retailer, currently carries a Zacks Rank of 2. Abercrombie has a trailing four-quarter earnings surprise of 27.9%, on average.The Zacks Consensus Estimate for ANF’s current financial-year sales and earnings indicates growth of 13% and 63.2%, respectively, from the year-ago reported figures.The Gap operates as an apparel retail company, which offers apparel, accessories and personal care products for men, women and children, currently carrying a Zacks Rank #2. The Zacks Consensus Estimate for The Gap’s current fiscal-year sales and earnings indicates growth of 0.5% and 31.5%, respectively, from the year-ago quarter’s reported numbers. GAP has a trailing four-quarter average earnings surprise of 142.8%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nAbercrombie & Fitch Company (ANF) : Free Stock Analysis Report\nDeckers Outdoor Corporation (DECK) : Free Stock Analysis Report\nThe Gap, Inc. (GAP) : Free Stock Analysis Report\nTapestry, Inc. (TPR) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}