Overview

A class action lawsuit has been filed against Capri Holdings Limited (“Capri” or the “Company”) (NYSE: CPRI) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws.  The Capri class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Capri stock or sold Capri puts between August 10, 2023, and October 24, 2024, both dates inclusive (the “Class Period”).  Investors have until February 21, 2025, to seek appointment as lead plaintiff in the Capri class action lawsuit.

Capri is a fashion firm that owns several fashion brands, such as Michael Kors, which is a fashion house that manufactures and sells handbags, among other things.  Tapestry is similarly a fashion firm, and it owns fashion brands such as Coach and Kate Spade.  Like Michael Kors, Coach and Kate Spade are fashion houses that manufacture and sell, among other things, handbags.  On August 10, 2023, Capri and Tapestry jointly announced their entry into a merger agreement, pursuant to which Tapestry would purchase Capri for $57 per share in cash.  The Capri acquisition would combine three close competitors: Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand.

The Capri class action lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the accessible luxury handbag market is a distinct and well-defined market within the overall handbag market and understood as such by the individual defendants, as well as by other Capri and Tapestry executives; (2) Capri and Tapestry maintained analogous production facilities and supply chains for their accessible luxury handbags that were distinct from the production facilities and supply chains used to manufacture luxury or mass market handbags, confirming that the accessible luxury handbag market is distinct from the mass market and luxury handbag markets; (3) Capri and Tapestry internally considered Coach and Michael Kors to be each others’ closest and most direct competitors; (4) that, conversely, Capri and Tapestry did not internally consider their handbag brands to be in direct competition with luxury handbags or mass market handbags; (5) a primary internal rationale for the Capri acquisition was to consolidate prevalent brands within the accessible luxury handbag market so as to reduce competition, increase prices, improve profit margins, and reduce consumer choice within that market; and (6) as a result of the above, the risk of adverse regulatory actions and/or the Capri acquisition being blocked was materially higher than represented by Defendants.

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If you purchased or otherwise acquired Capri stock or sold Capri puts between August 10, 2023, and October 24, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the Capri class action lawsuit is February 21, 2025.