What's Going On With Tapestry Shares Today?

Author: Lekha Gupta | April 04, 2024 11:31am

Tapestry, Inc. (NYSE:TPR) shares are trading lower today. The company’s acquired luxury handbag maker Coach reportedly filed a trademark infringement lawsuit for The Gap, Inc. (NYSE:GPS).

Coach and its parent, Tapestry, accused Gap’s Old Navy unit of illegally selling T-shirts decorated with the word “Coach” and said that they never permitted Gap to sell the T-shirts, reported Reuters.

The company said the sale may confuse customers into believing Coach was involved. 

Also Read: Tapestry Shares Soar On Strength In Coach Brand, FY24 EPS Outlook Raised

Coach said this had caused “irreparable harm” because thier trademarks symbolized “a unique blend of fashion, craftsmanship, style, and function” reflected in the sale of “luxury lifestyle items,” not T-shirts. 

As per the report, Coach is seeking unspecified damages for trademark infringement, counterfeiting, and violations of a California unfair competition law.

The retailer also seeks the destruction of unsold inventory of infringing clothing.

Investors can gain exposure to the stock via Invesco S&P 500 Equal Weight Consumer Discretionary ETF (NYSE:RSPD) and Bushido Capital US Equity ETF (NASDAQ:SMRI).

Also Read: Tapestry Boosts Marketing Might: Kate Spade Joins Forces with Bluecore’s Tech

Price Action: TPR shares are down 2.78% at $43.92 on the last check Thursday.

Photo via Wikimedia Commons

Posted In: GPS RSPD SMRI TPR