Michael Kors Testifies in FTC Antitrust Case Against Tapestry's Acquisition of Capri Holdings

Kors argues that social media and celebrity influence keep the luxury handbag market highly competitive.

Michael Kors testified in a Manhattan federal court about the competitive nature of the luxury handbag market, citing TikTok trends and celebrity endorsements as major factors.
The Federal Trade Commission has sued to block Tapestry Inc.'s $8.5 billion acquisition of Capri Holdings, arguing it would create a monopoly in the accessible luxury handbag market.
Kors emphasized that social media allows new brands to quickly gain popularity, making the market more elastic and competitive.
Former Macy's CEO Jeff Gennette supported Kors' claims, noting that the intense competition affects both retailers and brands like Michael Kors.
Kors acknowledged his brand's recent struggles with declining sales and brand fatigue, underscoring the cyclical nature of the fashion industry.