NEW YORK - Fashion holding company Tapestry has room to raise prices and lower discounts on rival Capri's Michael Kors brand if the companies merged, a top Tapestry executive testified on Tuesday as regulators sought to block the $8.5 billion deal.
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. 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.
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.
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