In a monumental move within the fashion industry, Tapestry Inc., the company renowned for Coach, Kate Spade, and Stuart Weitzman, has announced its acquisition of the esteemed luxury group Capri Holdings. This acquisition brings together three iconic designer brands: Versace, Jimmy Choo, and Michael Kors. With a staggering $8.5 billion investment, this deal reshapes the landscape of luxury fashion, uniting six of the world’s most prominent designer names under one roof. This article delves into the implications of this acquisition, its potential impact on the industry, and the strategies that have led to this bold merger.

The Birth of a Luxury Powerhouse

Tapestry Inc.’s acquisition of Capri Holdings heralds the formation of an influential global luxury conglomerate. The combination of three household names—Coach, Kate Spade, and Stuart Weitzman—alongside Versace, Jimmy Choo, and Michael Kors, creates an unrivaled luxury entity. This collaboration not only consolidates some of the most iconic brands but also holds the promise of amplifying value for a diverse range of stakeholders.

Visionary Leadership and Strategic Synergies

Joanne Crevoiserat, the CEO of Tapestry, articulated the potential of this union, emphasizing that the combined strength of these brands unlocks a remarkable opportunity to create unparalleled value for consumers, employees, communities, and shareholders worldwide. The amalgamation of American luxury brands, previously distinct entities, positions the conglomerate as a robust contender in the luxury sector.

A New Competitor on the Global Stage

This acquisition positions the newly formed entity as a significant competitor to established European fashion giants such as LVMH and Kering. These conglomerates boast ownership of illustrious brands like Louis Vuitton, Gucci, and Dior. The integration of the powerful Capri Holdings portfolio into the American luxury fold introduces a new narrative in the global luxury marketplace.

Addressing Challenges and Seizing Opportunities

While the Tapestry-Capri merger appears promising, it occurs amidst challenges for Capri Holdings. Recent reports have indicated a dip in sales during the first quarter of the 2024 fiscal year, with Versace’s revenue decreasing by 5.8% and Michael Kors experiencing a 13.8% decline. Jimmy Choo, however, saw a promising 6.4% increase in revenue, showcasing potential for growth.

The Dawn of a New Era for Capri Holdings

Capri Holdings’ executives view this acquisition as a catalyst for growth and expansion beyond U.S. borders. The partnership with Tapestry augments resources and capabilities, enabling the luxury brands to reach a wider global audience while preserving the distinctive essence of each brand. John D. Idol, CEO of Capri Holdings, highlighted this transformative potential in his statement.

Steady Growth and Anticipated Closure

Tapestry Inc.’s Q3 2023 financial results revealed a commendable 8.7% increase in net revenue. All three of its flagship brands—Coach, Kate Spade, and Stuart Weitzman—displayed revenue growth compared to the preceding year. With such momentum, the acquisition is set to finalize in 2024, contingent upon approval from Capri Holdings shareholders and regulatory agencies.

Conclusion

The merging of Tapestry Inc. and Capri Holdings epitomizes a strategic move that underscores the evolving dynamics of the luxury fashion sector. This acquisition creates a synergy that transcends borders, cultures, and trends. As the industry watches this powerhouse of luxury brands unite, it is a testament to the enduring power of innovation, vision, and collaboration.

Train services between Woodlands and Woodlands South MRT station heading toward Lentor station were disrupted due to a train fault yesterday evening (12 August) for about 3 hours.

SMRT said in a statement on Facebook that the fault occurred at about 7.30 pm that resulted in a train stalling between the two stations, with about 60 commuters disembarking from the affected train and arriving safely at Woodlands station.

Bridging bus services were made available and SMRT added that the faulty train would be recovered from detailed investigations back in the depot.

Services resumed at about 10.15pm, with SMRT issuing an apology to commuters.

SMRT’s statement on Facebook

[UPDATE Thomson-East Coast Line, 12 Aug, at 10.54pm]:

Train services on TEL resumed at about 10.15pm. Free regular bus services and bridging bus services have ceased.

We are sorry to all commuters who were affected this evening.

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[UPDATE Thomson-East Coast Line, 12 Aug, at 10.10pm]:

On 12 Aug at about 7.30pm, a train fault occurred on the Thomson-East Coast Line causing a train to stall between Woodlands station and Woodlands South station towards Lentor station. Our staff were on site to assist about 60 commuters in the affected train and prepared for disembarkation. All commuters have arrived safely at Woodlands station.

Train services are running slower as only one single line can be used for both ways on the affected stretch. Commuters are advised to cater additional 20 minutes travelling time or take alternative modes of transport.

In-train and station announcements were made to inform commuters of additional train travel time of up to 20 minutes in the affected stretch. Free regular bus services and bridging bus services are available between Woodlands North and Lentor stations.

The faulty train will be recovered for detailed investigation back in the depot.

Please follow the official channels for updates. We are sorry to have affected your Saturday evening commute.

Workplace accidents can have far-reaching consequences for employees and employers alike.

Ramalingam Murugan, an Indian national working as a structural steel and ship painter for Rigel Marine Services, filed a lawsuit against his employer seeking compensation for injuries he suffered in an accident that occurred in 2021, according to The Straits Times.

The accident took place when Mr. Murugan was alighting from a lorry, and he was pushed by other workers, causing him to lose his balance and fall, resulting in Murugan suffering injuries to his knee.

Breach of Duty of Care

District Judge Tan May Tee, in her judgment dated Aug 7, 2023, found that Rigel Marine Services had breached its duty of care towards Mr. Murugan.

The company’s failure to establish a safe system for workers to access the deck of the lorry contributed to the accident.

The Accident

Mr. Murugan was employed by Rigel Marine Services, a company specializing in marine vessel repairs. On the morning of Jan 3, 2021, he was being transported to his workplace along with other workers in a lorry.

Due to adverse weather conditions and time constraints, the accident occurred while he was transferring to another lorry at the company’s premises.

While trying to alight from the lorry, he was pushed by the other workers and ended up falling onto the ground after losing his balance, before being conveyed to Ng Teng Fong General Hospital, where he was found to have suffered a fracture in his knee joint, as well as an injury to his cartilage.

Murugan subsequently went through surgery and was given medical leave from 3 January to 2 June 2021.

In his lawsuit, Mr. Murugan alleged that the company had been negligent in ensuring his safety. He argued that the tailboard of the lorry was not lowered, and there was no supervisor present to oversee the safe disembarkation of workers.

The Company’s Defense

Rigel Marine Services denied the allegations and contested Mr. Murugan’s version of events. The company maintained that the tailboard was not lowered intentionally to prevent obstruction, as workers used it as a foothold to alight from the lorry.

Additionally, they argued that Mr. Murugan’s own carelessness contributed to the accident.

The Court’s Assessment

Judge Tan acknowledged inconsistencies in Mr. Murugan’s testimony and the complexities of the accident’s mechanics.

However, she affirmed that the accident did occur, likely as a result of him being inadvertently pushed amidst a crowded lorry.

The absence of witness testimony from other workers who were present during the incident was noted by the court.

Judge Tan highlighted the physical challenges involved in alighting from the lorry, given the unlowered tailboard. Workers were required to perform a potentially risky “acrobatic move” to safely disembark, which underscored the necessity of a safer process.

The court will assess the amount of compensation that Mr. Murugan is entitled to separately. This evaluation will consider factors such as medical expenses, lost wages, and the impact of the injury on his overall well-being.

The Police have arrested a 16-year-old teenager for his suspected involvement in loanshark harassments. 

On 8 August 2023, the Police were alerted to a case of loanshark harassment along Bedok South Avenue 3, where the wall of a residential unit was pasted with debtor’s note.

Through follow-up investigations and with the aid of images from Police cameras, officers from Bedok Police Division established the identity of the teenager and arrested him on 9 August 2023. Preliminary investigations revealed that he is allegedly involved in other cases of loanshark harassment. One mobile phone was seized as case exhibit. 

The teenager will be charged in court on 10 August 2023 under the Moneylenders Act 2008. For first-time offenders, the offence of loanshark harassment carries with an imprisonment of up to five years, a fine of not less than $5,000 and of up to $50,000, and caning of up to six strokes.

The Police have zero tolerance for loanshark harassment activities. Those who deliberately cause annoyance and disruption to public safety and security, will be dealt with severely in accordance with the law.

Members of the public are advised to stay away from loansharks and not to work with or assist them in any way. Members of the public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in loansharking activities.

Money lending

• Check the legitimacy: Ensure that the lender is licensed by the appropriate authorities
• Understand the terms: Read and understand the terms and conditions of the loan, including interest rates, repayment schedules, and any fees involved.
• Compare options: Don’t settle for the first loan offer you receive. Compare different lenders to find the best terms that suit your financial situation.
• Borrow responsibly: Only borrow what you can afford to repay. Be mindful of your financial capabilities and avoid overborrowing.

Remember that borrowing from illegal loan sharks or unlicensed lenders can lead to serious financial and legal consequences. It’s always safer to choose legitimate and regulated lending options to meet your financial needs.

10 PERSONS ARRESTED FOR THEIR SUSPECTED INVOLVEMENT IN BANKING-RELATED MALWARE SCAM CASES

In an island-wide anti-scam enforcement operation conducted between 31 July 2023 and 11 August 2023, the Commercial Affairs Department (CAD) and Police Intelligence Department (PID) arrested nine men, aged 18 to 43, and a 16-year-old youth for their suspected involvement in the recent spate of banking-related malware scam cases. Another three men and three women, aged 17 to 60, are assisting in investigations.

Since January 2023, the Police have received increasing reports informing that malware was used to compromise Android mobile devices, resulting in unauthorised transactions made from the victims’ bank accounts even though they did not divulge their Internet banking credentials, One-Time-Passwords (OTPs) or Singpass credentials to anyone. In these cases, the victims responded to advertisements (e.g., on cleaning services, pet grooming, food items such as seafood and groceries, etc.) on social media platforms like Facebook and were later instructed by the scammers to download Android Package Kit (or APK) from non-official app-stores to facilitate the purchases, leading to malware being installed on the victims’ mobile devices. The scammers then convince the victims via phone calls or text messages to turn on accessibility services on their Android phones. Doing so weakens the phones’ security and allows the scammer to take full control of the phones. This means that the scammers can log every keystroke and steal banking credentials stored in the phones and allows the scammer to remotely log in to the victims’ banking apps, add money mules as payees, raise payment limits and transfer monies out to money mules. The scammers can further delete SMS and email notifications of that bank transfer to cover their tracks.

During the two-week operation, officers from CAD and PID mounted simultaneous island-wide operations and arrested the 10 persons. Preliminary investigations revealed that the nine men, aged 18 to 43, and the 16-year-old youth had allegedly facilitated the scam cases by relinquishing their bank accounts, Internet banking credentials and/or disclosing Singpass credentials for monetary gains.

Police investigations are ongoing. The offence of acquiring benefits from criminal conduct under Section 54(5)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, carries an imprisonment of up to 10 years, a fine of up to $500,000, or both. For deceiving the banks into opening bank accounts that were not meant for their own use and relinquishing their bank account login details, they are liable under Section 417 read with Section 109 of the Penal Code 1871 and Section 3(1) of the Computer Misuse Act 1993 respectively. The offence of cheating under Section 417 of the Penal Code 1871 carries an imprisonment term of up to three years, a fine, or both, while the offence under Section 3(1) of the Computer Misuse Act 1993 carries a fine of up to $5,000, or an imprisonment term of up to two years, or both. For disclosing their Singpass credentials under Section 8 of the Computer Misuse Act 1993, they are liable to an imprisonment term not exceeding three years, a fine of up to $10,000, or both.

Advisory Against Downloading of Malicious Apps

The Police would like to remind members of the public that they should not click on suspicious links, scan unknown QR codes, or download mobile apps from third-party websites or unknown sources. These unverified apps may contain malware, which can severely compromise the security of mobile devices. Instead, members of the public are reminded to only download apps from official app stores. Before downloading any app, check the number of downloads and user reviews. Always be wary of any requests for banking credentials, money transfers or attractive offers that sound too good to be true. Lastly, members of the public are advised to turn on security settings, such as disallowing installation of apps from unknown sources, to help protect their devices.

The Police will spare no effort to track down cybercriminals responsible for banking-related malware incidents and will continue to take tough enforcement actions against those who flout the law. To avoid being an accomplice in these crimes, members of the public should always reject seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their Singpass accounts, bank accounts, or for allowing their personal bank accounts to be used to receive and transfer money for others. The Police would like to remind members of the public that individuals will be held accountable if they are found to be linked to such crimes.

For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. All information will be kept strictly confidential.