Tapestry Sues FTC to Block Capri Holdings Acquisition Amid Trademark Disputes
Tapestry, the parent company of Coach, has taken legal action against the Federal Trade Commission (FTC) to halt its pending acquisition of Capri Holdings. The company, which also owns brands like Kate Spade and Stuart Weitzman, filed a lawsuit on April 3 in a California federal court.
Tapestry's lawsuit comes amidst a long-standing dispute over trademark infringement. The company alleges that Old Navy, a Gap Inc. brand, has caused substantial damage to Coach by using the 'coach' word in its products. In a surprising turn of events, Coach recently dismissed its lawsuit against Gap Inc. over similar allegations.
Tapestry's financial results for the quarter ending April 2 revealed a 2% year-over-year decrease in net sales to $1.48 billion. However, Coach's sales remained flat, bucking the overall trend. This move to block the Capri Holdings deal suggests Tapestry is focusing on protecting its core brands' interests.
Tapestry's lawsuit against the FTC is the latest development in its ongoing trademark battles. The company's decision to withdraw its lawsuit against Gap Inc. and now sue the FTC indicates a strategic shift in its legal approach. The impact of these moves on Tapestry's acquisition plans and brand protection efforts remains to be seen.
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