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☆ Retailers take center stage in the week ahead, as Wall Street turns to the consumer for a much-needed boost
▼ + stars: | 2023-08-11 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. "Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth. The Nasdaq Composite fell for a second straight week for the first time in 2023 after mixed inflation data this week, as well as Moody's downgrading several regional banks. July's consumer price index came in weaker than expected, but continued to show some underlying stickiness. Housing data expected to show strength Investors will also watch data on what has been a strong housing market.

Persons: Shannon Saccocia, Saccocia, —, we've, John Porter, it's, Wealth's Saccocia, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, Michael Kors, That's, Sam Stovall, Stovall, CFRA's Stovall, Estee Organizations: Home Depot, Walmart, Federal Reserve, Nasdaq, Dow Jones, Newton Investment Management, FactSet, . Discount, TJX Companies, Ross, Homeowners, Price, Retail, Health, Home, Agilent Technologies, Housing, Manufacturing, TJX, Target, Cisco Systems, Philadelphia Fed, Applied, Deere, Co, Companies, Palo Alto Locations: U.S, NAHB, Housing States

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

☆ Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.

Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru

☆ Coach owner creates US luxury giant with $8.5 bln deal for Michael Kors parent
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a top U.S. fashion house that can better compete with larger European rivals in the global luxury market. Tapestry will pay Capri shareholders $57 per share in cash, or $6.69 billion, representing a premium of nearly 65%. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion. LVMH, the world's largest luxury group, closed its $15.8 billion acquisition of Tiffany in early 2021. The Wall Street Journal first reported about a potential deal between Capri and Tapestry late on Wednesday.

Persons: Michael Kors, Tapestry's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Tiffany, Louis Vuitton, Neil Saunders, John Idol, Capri, Gucci, Valentino, LVMH, Chandni Shah, Aishwarya Venugopal, Sonia Cheema Organizations: Capri Holdings, Capri, Dior, Inc, Street Journal, Thomson Locations: U.S, Capri, Bengaluru

☆ Coach is the new 'cool girl' brand for Gen Z
▼ + stars: | 2023-08-10 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

After years of sluggish sales, Coach is seeing regained interest from Gen Z consumers. Gen Z increased its spending on Coach by 10% so far this year, according to a new report. According to a consumer spending report from Earnest Analytics, consumers under the age of 25 increased their spending on the Coach brand by 10% from January through June of this year. Once self-touted as "accessible luxury," Coach has since updated that message and its offerings to reinvent itself. In doing so, it hoped to tap into Gen Z and Millennial shoppers' values and re-elevate its luxury status.

Persons: Gen, Lil Nas, Earnest, Camila Mendes, Joon Silverstein, Coach's, Silverstein, Z, Todd Kahn, Nas X, Kate Spade, Stuart Weitzman, Michael Kors, Jimmy Choo, Versace Organizations: Service, Vogue Business, Business, Fashion, Capri Holdings, Capri Locations: Wall, Silicon, Riverdale, American, York

Tapestry , the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced on Thursday. It brings together six fashion brands: Tapestry's Coach, Kate Spade and Stuart Weitzman and Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri surged 58% in premarket trading to just under the per-share deal price, while shares of Tapestry roughly 4%. It's started to run a similar playbook with Kate Spade. Tapestry has also looked other parts of the world to drive growth, such as chasing higher sales in China.

Persons: Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, Kirsten Dunst, It's, We've, Joanne Crevoiserat, John Idol, Morgan Stanley Organizations: Capri Holdings, Capri, Disney, Bank of America Locations: American, China

☆ Stocks making the biggest moves premarket: Capri, Tapestry, AppLovin, Disney and more
▼ + stars: | 2023-08-10 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:Capri , Tapestry — Capri soared more than 57%, while Tapestry slid 3.2% in premarket trading. AppLovin — AppLovin shares popped 25.8% in early morning trading after the company posted strong second-quarter results and optimistic third-quarter revenue guidance. The game developer said it expects $780 million to $800 million in revenue for the third quarter, exceeding the $741 million expected by analysts. AppLovin reported earnings of 22 cents per share for the second quarter, while analysts expected 7 cents, according to Refinitiv. The amusement park company reported earnings of 25 cents per share on revenue of $444.0 million.

Persons: Kate Spade, Versace, Jimmy Choo, Michael Kors, AppLovin, Sonos, Refinitiv, Walt Disney, — Illumina, Yun Li, Jesse Pound, Pia Singh Organizations: Capri Holdings, Capri, Wynn, Wynn Resorts, Walt Disney —, Disney, Six Locations: Alibaba, China

☆ Tapestry and Capri are combining in an $8.5 billion deal
▼ + stars: | 2023-08-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Tapestry Inc., which owns Kate Spade and Coach, announced Thursday that it’s acquiring Capri Holdings, the parent company of Michael Kors and Versace. The $8.5 billion deal could help them better compete against their higher-end European rivals. Under terms of the deal, Capri shareholders will get $57 per share. Coach changed its parent name to Tapestry in 2017 and Michael Kors switched to Capri after it bought Versace in 2018. Those warning signs have “put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth,” Saunders said.

Persons: New York CNN — Michael Kors, Kate Spade, Michael Kors, Versace, Stuart Weitzman, Jimmy Choo, Neil Saunders, ”, Jean, Jacques Guiony, ” Saunders Organizations: New, New York CNN, Tapestry Inc, Capri Holdings, ”, Capri Locations: New York, United States

☆ Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more
▼ + stars: | 2023-08-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

AppLovin said it anticipates revenue to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Alibaba — U.S.-traded shares rose 4.3% Thursday after the Chinese company beat analysts' expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

Persons: Kate Spade, AppLovin, Alibaba, Versace, Jimmy Choo, Michael Kors, Wynn, Refinitiv, Jefferies, Truist, Nick McKay, Fleetcor, FactSet, — CNBC's Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, Alex Harring Organizations: Disney —, Disney, Capri Holdings, Capri, Wynn, —, Penn Entertainment, Disney's ESPN, Wedbush Locations: Marina, Sands, Singapore, Alibaba —, Wednesday's

☆ Coach owner Tapestry acquires rival Capri Holdings for $8.5 billion adding Michael Kors and Versace to its offering to create a US fashion giant
▼ + stars: | 2023-08-10 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +2 min

Coach owner Tapestry is buying Capri Holdings, the parent company of Michael Kors, for $8.5 billion. The new deal gives Tapestry greater influence in the luxury market and could bolster growth internationally. Capri is the parent company of well-known fashion brands Michael Kors, Versace, and Jimmy Choo. And it could give Tapestry greater influence in the luxury market to take on European powerhouses LVMH and Kering, which own a string of luxury brands including Louis Vuitton, Tiffany's, and Gucci. By acquiring Capri, Tapestry will add three well-known luxury brands to its roster.

Persons: Tapestry, Michael Kors, Kate Spade, Versace, Jimmy Choo, Louis Vuitton, Gucci, Neil Saunders, it's Organizations: Capri Holdings, Service, GlobalData Locations: Wall, Silicon, Tiffany's

☆ Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
▼ + stars: | 2023-05-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.

☆ Stocks making the biggest moves midday: Shake Shack, Charles Schwab, Activision Blizzard and more
▼ + stars: | 2023-05-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oneok shares slid 7.7%. The IRS is due to release the report this week, the Wall Street Journal reported. Activision shares added 1%, while Microsoft was little changed. The Wall Street firm said shares trade at a significant discount to peers. The Coach and Kate Spade parent has a strong valuation and long-term investment case, the Wall Street firm said.

☆ Pricing Power: This Is Kate Spade’s Hottest Bag…and It Costs $500
▼ + stars: | 2023-05-13 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

One of Kate Spade’s most popular styles is a handbag that looks like a sheepdog. Photo: kate spade new yorkThere’s a new status symbol in corporate America: the ability to keep raising prices. Companies continue to jack up prices on a range of goods from diapers to handbags—and some are even bragging about it to investors as a sign of brand strength. In some cases, the increases more than cover the hit from higher raw material, labor and other costs, fattening profit margins.

☆ Stocks making the biggest moves premarket: PacWest, Disney, Robinhood and more
▼ + stars: | 2023-05-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

PacWest — Shares plunged 20% after the regional bank stock said deposits fell 9.5% for the week ended May 5. Other regional banks stocks moved lower on the news, with Western Alliance and First Horizon down 7.3% and 3.2%, respectively. The company also reported revenue and profit that was roughly in line with Wall Street's expectations. AppLovin — Shares soared more than 16% in premarket trading following the company's first-quarter revenue and-second quarter guidance beat after the bell Wednesday. Analysts had anticipated a loss of $1.01 per share on revenue of $90.8 million, according to Refinitiv.

☆ Nike critics launch a 'burn bra challenge' and rail against its treatment of female athletes amid growing backlash for its work with a transgender influencer
▼ + stars: | 2023-04-17 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

Transgender influencer Dylan Mulvaney announced a partnership with Nike on Instragram this month. A Nike critic started a "burn bra challege" on TikTok last week. Last week, a TikTok user started a "burn bra challenge" and recorded herself lighting her Nike bra on fire, saying that Nike should be "ashamed of itself." "You chose a little boy with no breasts and some junk in his pants to represent real women," the TikTok user said, according to the New York Post. Nike has been criticized for several of its endorsement partners, including John McEnroe, Charles Barkley, Tonya Harding, and Colin Kaepernick.

Cook will meet Modi on Wednesday in New Delhi, said the two sources, who included an Indian government official. One of the sources added the Apple chief would also meet India's deputy IT minister Rajeev Chandrasekhar. Modi's office declined to comment, while Apple and the IT ministry did not immediately respond to requests for comment. The sources did not elaborate, but Cook's meetings come amid Apple's growing focus on India, the world's second-largest smartphone market. The Mumbai store is in the premier Reliance Jio World Drive mall, home to luxury clothing and jewellery brands like Michael Kors, Kate Spade and Swarovski.

☆ Who is trans advocate Dylan Mulvaney?
▼ + stars: | 2023-04-13 | by ( Scottie Andrew | ) edition.cnn.com time to read: +7 min

She became famous on TikTok, where she pivoted from musical theater to advocacy when she came out as trans. But when she started posting videos sponsored by Bud Light, Olay and Nike, her accounts became flooded with anti-trans hate. After cultivating a sizable following during the pandemic, Mulvaney came out as a trans woman in March 2022. From time to time we produce unique commemorative cans for fans and for brand influencers, like Dylan Mulvaney. Mulvaney says she tries to tune out anti-trans hateDylan Mulvaney presented an award at the PFLAG National 50th Anniversary Gala in March.

☆ Gen Z isn't letting the economy keep them from living their most luxurious lives. They're just buying stuff secondhand instead.
▼ + stars: | 2023-04-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

About a third of Gen Z choose secondhand to afford higher-end brands, according to a ThredUp report. And even increasing economic uncertainty is not deterring their pursuit of the good life — they're just buying secondhand instead. About 30% of Gen Z — those born between 1997 and 2012 — are buying secondhand items to afford higher-end brands, according to an April 5 resale report by ThredUp, an online thrift store and resale platform. Moreover, 64% of the surveyed members of Gen Z look for an item secondhand before buying it new, up four percentage points from 2021, per ThredUp's report. And while Ricci wasn't specifically referencing her habits in relation to buying secondhand items, ThredUp's report states that more than 80% of Gen Z considered the resale value of apparel before making a purchase.

☆ Kate Spade CEO Liz Fraser
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKate Spade CEO Liz FraserIn recognition of Women's Heritage Month, Kate Spade CEO Liz Fraser talks to CNBC about women's mental health and empowerment.

Younger shoppers snapping up its sweatshirts, knitwear and Polo line of products also drove results beat at luxury peer Ralph Lauren Corp (RL.N). "The Coach brand has done a lot of work to reposition itself as a premium brand that appeals to a younger consumer," Raymond James analyst Rick Patel said. "Tapestry appears to be executing better for its Coach brand than Capri is for Michael Kors," Patel added. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, beating estimates of $1.76 billion. Both Tapestry and Ralph Lauren took a hit in China due to a resurgence of COVID-19 infections, but demand is returning, the companies said.

☆ Tapestry lifts profit outlook as younger shoppers snap up Coach handbags
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury peer Ralph Lauren Corp (RL.N) also beat expectations on strong demand from younger affluent shoppers. Meanwhile, Ralph Lauren said its brands gained market share in North America, even as its wholesale revenue decreased 2%. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, while analysts had expected $1.76 billion, according to Refinitiv IBES data. Tapestry forecast fiscal 2023 earnings of $3.70 to $3.75 per share, compared with its prior estimate of $3.60 to $3.70.

☆ Coach owner Tapestry raises annual profit forecast
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. REUTERS/Andrew Kelly/File PhotoFeb 9 (Reuters) - Luxury group Tapestry Inc (TPR.N) raised its annual profit forecast on Thursday, helped by resilient demand and its strategy to largely use company-owned stores and its website to sell Coach and Kate Spade bags. Shares of the company, which fell 4.5% on Wednesday following disappointing earnings and forecasts from rival Capri Holdings (CPRI.N), rose 2% in premarket trading. Total revenue fell 5% to $2.03 billion in the second quarter ended Dec. 31, in line with analysts' average estimate, according to Refinitiv IBES data. Reporting by Uday Sampath and Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Sonos, Salesforce, Disney, Credit Suisse and more
▼ + stars: | 2023-02-09 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Sonos — Shares surged 17% after Sonos reported a big beat in its fiscal first-quarter results. The audio products developer posted per-share earnings of 57 cents, compared to consensus estimates of 40 cents per share, according to Refinitiv. Affirm Holdings — The buy now, pay later finance company slumped 20% a day after its fiscal second-quarter earnings and revenue missed analysts' estimates, according to Refinitiv. Revenue and earnings were both below analysts' estimates, according to Refinitiv. Credit Suisse Group — Shares plunged 14% after the Swiss bank reported a fourth-quarter and annual net loss that missed estimates, according to Eikon.

☆ Luxury brands diverge: Tapestry stock rises while Capri slides after earnings
▼ + stars: | 2023-02-09 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

Tapestry , the company behind Coach and Kate Spade, beat analyst expectations Thursday for its second quarter earnings and raised its annual profit forecast. Though, it was a different story for its competitor Capri Holdings , whose brands include Michael Kors and Versace. Tapestry's gains, sending the stock up over 3% Thursday, came a day after Capri's disappointing third quarter earnings report. Rick Patel, managing director at Raymond James, said both Tapestry and Capri have "done a great job" bringing new, younger customers into their brands through social media and website appeal. Tapestry reported per-share earnings of $1.36 on Thursday, topping estimates of $1.27, according to a survey of analysts conducted by Refinitiv.

☆ Goldman says these overlooked companies will play a key role in a more sustainable economy
▼ + stars: | 2023-02-07 | by ( Pia Singh | ) www.cnbc.com time to read: +8 min

Goldman analysts highlighted several service-oriented companies that they view as drivers of the inner loop of the circular economy transition. 'Inner loop' companies Here are the companies Goldman identified, and what Wall Street thinks about them. Impinj has an average target price of $128.86, which means the company stands to gain 4.2% from its close on Monday. Tupperware 's stock price is up 1.8% so far this year, sliding into the green after its shares declined by 73% over the past year. Caterpillar 's stock price has edged up 5% this year, and gained over 25% in the past year.

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