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By Siddharth Cavale
NEW YORK, Sept 10 (Reuters) - Fashion holding company Tapestry TPR.N has room to raise prices and lower discounts on rival Capri's CPRI.N Michael Kors brand if the companies merged, a top Tapestry executive testified on Tuesday as regulators sought to block the $8.5 billion deal.
Tapestry's brands include Coach, Kate Spade and Stuart Weitzman while Capri also owns Jimmy Choo and Versace.
On the second day of a trial in federal court in the Southern District Court of New York, the Federal Trade Commission presented slides to support its claim that the merger would lead to higher prices by ending competition between the rivals.
The slides included Tapestry's internal consumer research deck sent to CEO Joanne Crevoiserat in 2022 by Elizabeth Harris, senior vice president for global strategy and consumer insights.
"Coach has been priced on average $147 above Michael Kors for the last two years," a title in the slide deck read, suggesting room to increase Michael Kors' average unit retail price.
Harris responded that she saw the opportunity to raise prices because of the gap between what consumers pay for Coach and Michael Kors handbags, including taxes and fees.
However, that did not imply Tapestry would hike prices, she said, noting other factors such as brand creative work, design, and material costs in setting prices. Pricing also depends on how Tapestry executes these actions and the brand's desirability, she added.
Another slide showed Harris suggesting that Tapestry could reduce the levels of discounting on Kors' products.
The two slides omitted the additional cost factors when it was presented to Crevoiserat, Harris admitted. "This was just a quick data pull we had at the time and didn't dictate what could happen."
Harris said the deck resulted from Crevoiserat's directive to research market dynamics and identify suitable merger and acquisition targets, a process that began around mid-2022. She noted that the slides were created by someone on her team and were part of a "touch base" meeting with Crevoiserat in August 2022. She said she never saw the deck again after sending it to Crevoiserat.
Tapestry said it does not comment on pending litigation. It pointed Reuters to its pretrial statement that evidence will show that the proposed merger will benefit consumers.
The trial, overseen by District Judge Jennifer Rochon, is expected to end on Wednesday next week, with closing statements on Sept. 30.
A ruling could take anywhere between one to three months after that, lawyers for Tapestry said.
(Reporting by Siddharth Cavale in New York)
(( siddharth.cavale@thomsonreuters.com ; Cell: +1 646-288-4330; ))
Keywords: CAPRI-M&A/TAPESTRY (PIX)
Adds details from witness testimony in paragraphs 9, 10-14 and background on FTC cases in 4, 7
By Siddharth Cavale
NEW YORK, Sept 9 (Reuters) - The U.S. Federal Trade Commission urged a federal judge in New York to block Tapestry's TPR.N$8.5 billion merger with rival handbag maker Capri Holdings CPRI.N at a trial on Monday, arguing it will eliminate fierce head-to-head competition in the market for "accessible luxury."
The FTC argues the merger announced in August 2023 would eliminate head-to-head competition between Tapestry's Coach and Kate Spade brands and Capri's Michael Kors' brands, which has resulted in better prices, discounts and promotions for consumers and wages and workplace benefits for employees.
The deal would also give Tapestry a dominant share of the "accessible luxury" handbag market, controlling over 50% of it once the deal is completed, the FTC said. The regulator defined the "accessible luxury" market as handbags sold between $100 and below $1,000, which forms most of Coach and Kors' lines.
During the first day of trial, which was attended by Henry Liu, Director of the FTC's Bureau of Competition, the antitrust regulator sought to use the companies' own internal emails against them, while the defense tried to poke holes in the way it defines the "accessible luxury" market.
Tapestry lawyer Lawrence Buterman countered that the FTC's view doesn't reflect the "commercial reality" of the handbag market where customers are inundated with choice in that price range.
"The commercial reality is that customers have a Gucci bag lined up next to a Kors bag, lined up next to a Calvin Klein bag," he said.
The FTC's market definitions are also a key issue in its case to block supermarket chain Kroger's KR.N acquisition of Albertsons ACI.N, currently in trial in Portland, Oregon.
MONITOR 'EVERY MOVE'
In her opening statement, FTC Chief Trial Counsel Nicole Lindquist told U.S. District Judge Jennifer Rochon that the brunt of a Tapestry and Capri merger would be borne by "the working and middle class women of America," by reducing competition and innovation and raising prices.
The FTC presented emails showing how Capri's CEO John Idol and his team closely monitored Coach's pricing to stay competitive.
"Look at these prices!" Idol wrote in one of the emails after browsing Coach's outlet website. Idol urged his deputies to come up with better designs and solutions to compete against Coach. In another email produced by the FTC, Idol asks to talk to a deputy about the design of a Coach handbag.
"They monitor and react to each other's every move," said Lindquist, the FTC lawyer.
Capri's lawyer said that Michael Kors has been losing relevance since 2016, and that growing competition had reduced the average price of a Kors handbag to $92, below the FTC's threshold for accessible luxury.
Philippa Newman, President of Accessories and Footwear for Michael Kors, also testified on Monday saying this loss of relevance has led it to lose retail customers like Nordstrom JWN.N and discontinue product lines.
She explained that one reason for discontinuing the Parker handbag line was that, despite its high quality, akin to a "Rolls Royce" of handbags, (the Kors customer) "only wants to pay for a Fiat."
The case marks a busy September for the FTC, which is also challenging how Alphabet's GOOGL.O monetizes advertising through a system that prosecutors say harms news publishers.
Monday's trial is expected to last for a week and a half, featuring witness testimonies from Tapestry CEO Joanne Crevoiserat and designer Michael Kors over the coming days.
The trial follows the merger's approval by antitrust regulators in Japan and the European Union earlier this year.
(Reporting by Siddharth Cavale in New York; editing by Diane Craft, Chizu Nomiyama and Aurora Ellis)
(( siddharth.cavale@thomsonreuters.com ; Cell: +1 646-288-4330; ))
Keywords: CAPRI HOLDINGS-M&A/TAPESTRY (UPDATE 2, PIX)
By Siddharth Cavale
NEW YORK, Sept 9 (Reuters) - The U.S. Federal Trade Commission will urge a federal judge in New York to block Tapestry's TPR.N$8.5 billion merger with rival handbag maker Capri Holdings CPRI.Nat a trial beginning on Monday, arguing it will eliminate fierce competition in the market for "accessible luxury."
The FTC argues the merger announced in August 2023 would eliminate head-to-head competition between Tapestry's Coach and Kate Spade brands and Capri's Michael Kors' brands, which has resulted in better prices, discounts and promotions for consumers and wages and workplace benefits for employees.
The deal would also give Tapestry a dominant share of the "accessible luxury" handbag market, a term coined by Tapestry to describe quality leather and craftsmanship handbags at an affordable price, the FTC said in its April lawsuit.
Tapestry, in response, argues that the FTC's analysis misunderstands the handbag marketplace and the way consumers shop, and that "accessible luxury" is a notional concept. The U.S. handbag market, they say, is highly fragmented and competitive with low barriers to entry and fickle consumer tastes.
The FTC has sued to block several mergers over the past year, making for a busy schedule.
The antitrust regulator is currently fighting to block supermarket chain Kroger's KR.N acquisition of Albertsons ACI.N in a federal court in Portland, Oregon and has also sued to block the $4 billion acquisition of Mattress Firm by mattress manufacturer Tempur Sealy International TPX.N.
Monday's trial, overseen by District Court Judge Jennifer Rochon for the Southern District of New York, is expected to last for a week and a half.
The brands are likely to call Jeff Gennette, the former CEO of Macy's, to testify about the range of handbag choices available to shoppers, while the FTC is expected to offer evidence about the physical similarities between each company's bags and how Americans respond to changes in handbag prices.
The trial follows the merger's approval by antitrust regulators in Japan and the European Union earlier this year.
(Reporting by Siddharth Cavale in New York; editing by Diane Craft)
(( siddharth.cavale@thomsonreuters.com ; Cell: +1 646-288-4330; ))
Keywords: CAPRI HOLDINGS-M&A/TAPESTRY
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