Michael Kors says TikTok and influencers are making it harder to sell bags
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.