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CONSUMER CYCLICALS: Tapestry (TPR Baa2*-/BBB[N]/NR): Earnings Call

CONSUMER CYCLICALS
  • The first 2 questions related to the Capri deal. They said they see it as a strong strategic fit and frame it as an “execution opportunity” which de-emphasises short-term performance at Capri.
  • They wouldn’t be drawn to put a number on the increased synergies seen. The FTC process has given more time to work on integration planning which is behind the increase.
  • Asked on “plan B” should the deal not get approved; they said buybacks are compelling at the current valuation.

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