Tapestry issues statement on district court ruling, intends to appeal

Tapestry (TPR) issued the following statement in response to the ruling made by the U.S. District Court in the Southern District of New York regarding Tapestry’s proposed acquisition of Capri Holdings (CPRI): “Today’s decision granting the FTC’s request for a preliminary injunction is disappointing and, we believe, incorrect on the law and the facts. Tapestry and Capri operate in an industry that is intensely competitive and dynamic, constantly expanding, and highly fragmented among both established players and new entrants. We face competitive pressures from both lower- and higher-priced products and continue to believe this transaction is pro-competitive and pro-consumer. We intend to appeal the decision, consistent with our obligations under the merger agreement.”