NEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé. Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry’s $8.5 billion acquisition of Capri.
They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces. The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency’s strategy. Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described.