👛 Coach goes to court

…and Topgolf shanks its drive (rblfmr/Shutterstock) Tabby troubles   Presented by Hey Snackers, Campbell Soup is condensing its name. The 155-year-old company, which has seen snacks like Goldfish [dominate sales](, said it’d go by “The Campbell’s Company.” We can only assume some exec was like, “Drop the ‘Soup.’ It’s cleaner.” Stocks bounced back from morning losses to close yesterday in the green. Meantime, core inflation last month unexpectedly rose (while overall inflation dipped) as the Fed looks to make a decision on interest rates next week.   ZIPPED [Luxury juggernauts Tapestry and Capri head to court to save their $8.5B fashion merger]( Not so clutch… Tapestry and Capri are [strutting]( from the catwalk to the courtroom. Last year Tapestry [agreed to buy]( Capri for $8.5B, but the deal hit a snag after the Federal Trade Commission sued in April, arguing that the merger would hurt competition in the “accessible luxury” market (think: bags priced from $100 to $1K). Tapestry owns designer brands like Stuart Weitzman, Kate Spade, and Coach. Capri owns luxe names like Jimmy Choo, Versace, and Michael Kors. On Monday, Tapestry, Capri, and the FTC headed to a New York federal court to make their case. - The FTC said: The merger could give Tapestry control of over half the accessible luxury-handbag market — and the power to hike prices. - Tapestry said: Shoppers would still have plenty of handbag options from rivals like Gucci and Calvin Klein. - In season: The trial is expected to last a week and a half. Antitrust regulators in Japan and the EU have already approved the deal. Stuck in the ’burbs… US luxury houses have long trailed European rivals like Louis Vuitton, Fendi, and Dior. To catch up, Tapestry scooped up rivals and revamped its profit puppy, Coach, to attract zillennial shoppers. It’s not the only fashion icon looking for ways to pull in more shoppers: as more middle-class consumers get [priced out]( of the high-end market, labels like Burberry and Kering’s Saint Laurent have started offering discounts and price cuts. FYI: over half of all global luxury buys come from folks who spend under $2.2K/year on handbags, clothes, or jewelry. THE TAKEAWAY Accessibility is the new black… Middle-class consumers may not splurge on $25K blue Birkin bags, but they’re still essential for designers. Aspirational shoppers are expected to make up half of luxury sales in the coming years. And while the Tapestry-Capri deal could help their brands weather a luxe-spending slowdown, regulators fear it could put pressure on everyday shoppers. [Read this online](   Presented by Monogram Ending Today: AI-Powered Robotics Company with 8% Preferred Dividend Opportunity The future of orthopedic surgery will be AI-powered. By 2027, robotic knee surgeries will be 4X as common. [Monogram (Nasdaq: MGRM)](, known for its autonomous robotic surgical systems, completed a crowd funded public offering and NASDAQ listing last year. What’s next? They just filed for FDA approval* to market and commercialize their patented AI joint replacement tech. Through tomorrow, Monogram’s offering [a unique chance for investors](: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). Monogram plans to end the Series D Preferred offering today. [Invest before this offering ends.](** Presented by Monogram Ending Today: AI-Powered Robotics Company with 8% Preferred Dividend Opportunity The future of orthopedic surgery will be AI-powered. By 2027, robotic knee surgeries will be 4X as common. [Monogram (Nasdaq: MGRM)](, known for its autonomous robotic surgical systems, completed a crowd funded public offering and NASDAQ listing last year. What’s next? They just filed for FDA approval* to market and commercialize their patented AI joint replacement tech. Through tomorrow, Monogram’s offering [a unique chance for investors](: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). Monogram plans to end the Series D Preferred offering today. [Invest before this offering ends.](**   FORE [Topgolf struggles with its swing as rival eatertainment brands pull ahead]( Shanking the drive… Topgolf, the gamified driving range and casual resto, has landed in the rough. Last month it reported its fourth straight quarter of sales declines, with same-range sales [falling]( 8%. US sales also worsened in July, dropping 11%. To correct its swing, parent company Topgolf Callaway (which also sells high-end clubs) last week said it planned to spin off its driving-range biz about four years after combining. FYI: it’s an odd time for Topgolf to be racking up bogeys, as golf’s experiencing a nationwide boom. Course construction is up, and a record 531M rounds of golf were played last year in the US. - Bunkers: Individuals and corporate groups have balked at Topgolf prices, which can reach $150+ during peak hours. Plus, competitors like Drive Shack and Tiger Woods-backed PopStroke have pulled away some customers. - Mismatched: When Callaway agreed to buy Topgolf in 2020 it saw potential to attract new golfers (half of Topgolf customers didn’t golf). But the two businesses — one a club maker and the other essentially an arcade — struggled to mix. Eatertainment’s still on the green… Others in the “dinner plus something else” business have seen more work happy hours. Dave & Buster’s shares rose after it reported earnings earlier this week, with revenue up 3% on the year. It also recently added a new potential revenue stream, allowing [friends to bet]( on their Skee-Ball performance. Meanwhile, lane leader Bowlero last week reported a 7% bump in same-store sales. The bowling kingpin’s summer subscription pass earned it $6M+. THE TAKEAWAY Odd pairings can make uneven games… Investors didn’t fall in love with the combo of state-of-the-art equipment for serious golfers and driving ranges for birthday parties. Since being acquired by Callaway, the combo company’s shares have fallen 50%+. Rival Acushnet, the owner of driver maker Titleist, has seen shares soar nearly 50% over the same time. By splitting up, Topgolf and Callaway are hoping they can find the fairway. [Read this online](   ON SHERWOOD [Cheap handbags bring tourists to Japan, but there’s a dark side for luxury brands]( [Read more](.   What else we're Snackin' - Starbucks’ new CEO [plans to revive]( the chain’s “community coffeehouse” feel with a focus on store vibes. - A basket of stocks tied to Democratic-party policies [outperformed]( its Republican counterpart after Tuesday’s debate. - A union repping 33K Boeing employees is reportedly [poised to strike](, which [could crimp]( the plane maker’s production. - US mortgage rates hit their [lowest level]( since early last year as mortgage applications rose. - The SEC and FINRA granted tZero a special [crypto license](, making it the only second co to receive one.   Snack Fact of the Day [Men’s wages grew 1.5% more than women’s last year, as the gender pay gap widened](   Thursday - US jobless claims and producer-price index - Earnings expected from Signet Jewelers, Kroger, and Adobe Advertiser's disclosures: * A filing for FDA approval is no guarantee of an actual FDA approval. ** This is a paid advertisement for Monogram Technologies Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to [read the prospectus supplement and accompanying base prospectus]( carefully for a more complete understanding of the issuer and the offering. The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over the counter market. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.   [Instagram]( [Twitter]( [Sherwood Logo]( Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( [Our Editorial Standards]( [Contact Us](mailto:hello@snacks.robinhood.com) [Advertise With Us](mailto:advertising@sherwoodmedia.com) [Unsubscribe]( [Privacy Policy](