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☆ Animal rights activists storm Coach runway show in New York
▼ + stars: | 2023-09-08 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +3 min

CNN —Animal rights activists interrupted Coach’s runway show at New York Fashion Week on Thursday to campaign against the use of leather. One woman held a “Coach leather kills” sign, while the other had the same slogan painted on her front. “It’s time to STOP selling someone else’s skin and drop leather, @Coach,” animal rights organization People for the Ethical Treatment of Animals (PETA) posted later on X, the platform formerly known as Twitter, alongside a video of the incident. An activist is seen protesting outside during the COACH Spring 2024 Ready To Wear Runway Show and dinner event at the New York Public Library (NYPL) during New York Fashion Week. New York Fashion week kicked off on Thursday, and will run until September 13.

Persons: Gilbert Carrasquillo, ” Tracy Reiman, they’re, Jennifer Lopez, Lil Nas, Stuart Vevers ’, aren’t Organizations: CNN, Animal, New York, Animals, PETA, New York Public Library, Tapestry Inc Locations: New

☆ 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

[1/2] Customers shop at a mall ahead of the Chinese Lunar New Year, in Beijing, China January 15, 2023. REUTERS/Tingshu Wang/File PhotoLONDON/MILAN/FRANKFURT/NEW YORK, March 1 (Reuters) - The world's top consumer and luxury goods companies have seen sales of everything from cosmetics to condoms grow in China since Beijing ended strict COVID-19 curbs, another sign that the world's No. Tourism from China was helping sales in neighbouring Macau, Hong Kong, Taiwan and even Japan, he added. Reckitt Benckiser, which makes Nurofen tablets, cold remedy Lemsip and Durex, saw a pick-up in China after a decline in volumes because of lockdowns. U.S. retailer Walmart Inc (WMT.N), which operates nearly 400 retail and wholesale stores in China, reported strong traffic in its stores since reopening.

☆ Wall St dips as Treasury yields rise after auction
▼ + stars: | 2023-02-10 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

"With Treasury yields higher, it becomes a legitimate alternative to equities," said Michael Rosen, chief investment officer at Angeles Investments. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 4.7%. All 11 S&P 500 sectors posted losses. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 75 new highs and 57 new lows.

☆ Wall St dips as Treasury yields rise; Disney hits 5-month high
▼ + stars: | 2023-02-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

The U.S. 30-year Treasury yield rose after an auction in the early afternoon, while the yield curve between two-year and 10-year notes widened earlier. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.2179%. The S&P 500 communication services sector (.SPLRCL) sank 2.86%. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 69 new highs and 41 new lows.

The data tentatively eased concerns about the Federal Reserve's rate-hike path after a strong January employment report rattled markets last week. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.6%. The S&P 500 communication services sector (.SPLRCL) sank 2.6%, while Alphabet shares eyed their worst weekly performance since November. Ralph Lauren Corp (RL.N) gained 1.2% after beating quarterly sales expectations, while peer Tapestry Inc (TPR.N) soared 5.4% on a strong annual profit forecast. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data.

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.

Investor sentiment was further boosted after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 last week, above a forecast of 190,000 claims. The data comes on the heels of a strong January employment report that rattled markets last week. Of more than half of the S&P 500 companies that have reported fourth-quarter earnings so far, 69% have topped estimates, as per Refinitiv data. Advancing issues outnumbered decliners by a 3.03-to-1 ratio on the NYSE and by a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and one new low, while the Nasdaq recorded 49 new highs and 20 new lows.

☆ Popular Tool to Cut Debt Costs Loses Luster as Global Central Banks Hike Rates
▼ + stars: | 2023-02-01 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Corporate finance executives looking to cut their debt costs this year are likely to find one popular tool isn’t as attractive as it was when the Federal Reserve was aggressively raising interest rates in 2022. Under a cross-currency swap, a company exchanges principal and interest payments on its debt into another currency. Swaps can lose their appeal to companies when the gap between interest rates in two countries, or central banks, narrows. Corporate advisers said they expect cross-currency swap volumes to decline in the months ahead, assuming market expectations for future rate increases hold steady. That rule made it easier for companies to use cross-currency swaps and recognize the interest savings on their financial statements.

☆ Makers of Pricey Handbags, Clothing Warn of a Slowdown
▼ + stars: | 2022-11-10 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Shoppers continued to snap up expensive handbags and clothes from Michael Kors, Coach and Ralph Lauren in the recent quarter. But there were signs of a slowdown in the U.S. and China over a range of factors that include inflation, a strong dollar and China’s stringent Covid-19 policies. Michael Kors parent Capri Holdings Ltd. and Tapestry Inc., which owns Coach, lowered guidance for their current fiscal years.

[1/4] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Accessible luxury brands such as Michael Kors and Ralph Lauren are likely to feel a bigger pinch than higher-priced brands, as their young core customer base looks for deals at the lower end of the fashion spectrum. Ralph Lauren said its holiday quarter revenue would be hit by slowing demand in North America and Europe, where soaring energy costs are also pinching consumer wallets. Tapestry and Ralph Lauren also warned a stronger dollar would hit their earnings. Ralph Lauren shares, which have lost almost a quarter of their value this year, rose about 5% in premarket trading after the company beat second-quarter sales and profit expectations.

Every line of the report shows sequential improvement," said Art Hogan, chief market strategist at B. Riley Financial. The report prompted traders to adjust their rate hike bets, with bets of a 50-basis point rate hike in December jumping to more than 70% from 45% before the data was released. Following last week's Fed policy meeting, some U.S. central bank officials have made comments that pointed to slower rate rises over coming meetings. The Fed's policy rate is currently in a range of 3.75%-4.00%. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, fell to a near two-month low of 23.94.points.

☆ Inflation, Recession Fears Have Some Holiday Shoppers Trading Down
▼ + stars: | 2022-11-06 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Many shoppers are trading down to less expensive clothing and accessories—swapping Lululemon leggings for Uniqlo and expensive lingerie for Target bras and panties—as inflation eats into their disposable income and a rocky stock market erodes their wealth. The downshift raises concerns about the coming holiday season, historically a time when many people splurge on designer handbags, fine jewelry and other extravagant purchases for themselves or loved ones. Investors will get updates on shopping attitudes this week when Ralph Lauren Corp., Michael Kors parent Capri Holdings Ltd. and Tapestry Inc., the owner of Coach, report their latest results.

☆ Tapestry deepens push into China, undeterred by luxury market slump
▼ + stars: | 2022-10-25 | by ( Casey Hall | ) www.reuters.com time to read: +6 min

It also follows some 60 Tapestry store openings in China over the last two years. Research from real estate firm Savills also shows 55% of the world's luxury store openings last year took place in China. It saw China sales slide 32% for the quarter ended July 2 from the same period a year earlier. China sales generally account for around a fifth of its overall sales. Coach's luxury market share in China is also more than double that of Michael Kors and more than triple that of Ralph Lauren and Tory Burch, according to Euromonitor data.

☆ Cramer's lightning round: I like Procter & Gamble over Kimberly-Clark
▼ + stars: | 2022-10-19 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

I prefer to have something that is certainly a little bit more ... known and already doing incredibly well, which is Halliburton ." Loading chart...Kimberly-Clark Corp : "I'd much rather have you be in Procter & Gamble ." Loading chart...Boeing Co : "As a long term position — that is really the operative term, because short-term, they keep doing things wrong." Loading chart...Quantumscape Corp : "It's losing a lot of money ... and we do not recommend stocks that are losing a lot of money." Disclaimer: Cramer's Charitable Trust owns shares of Procter & Gamble, Halliburton and Pioneer Natural Resources.

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