Michael Kors is struggling to maintain its status while adapting to the new age of influencers and social-media marketing.
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00:00Michael Kors is blaming TikTok trends, influencers, and celebrities like Taylor Swift for his
00:04brand's lagging sales.
00:06The fashion designer, who founded his label at age 22 in 1981, admitted in a federal courtroom
00:11testimony that his brand needed a refresh, as it's reached a point of brand fatigue.
00:16Michael Kors' first quarter revenue dropped more than 14% year over year, and its namesake
00:20is blaming social media marketing and advertising, citing the virality of Oppen after Taylor
00:25Swift was spotted carrying a handbag.
00:27The FTC is trying to block Tapestry, the parent company of Coach and Kate Spade, from
00:31acquiring Capri, the parent company of Michael Kors and Versace, for $8.5 billion.
00:36The FTC says the deal would eliminate direct head-to-head competition between Tapestry's
00:41and Capri's brands, and give Tapestry a dominant share of the accessible luxury handbag market.