The deal, announced in August, would combine Tapestry's Coach, Stuart Weitzman and Kate Spade brands with Capri Holdings' Michael Kors, Jimmy Choo and Versace labels.
April 22, 2024 at 07:32 PM
3 minute read
The Federal Trade Commission on Monday sued to block luxury fashion group Tapestry’s $8.5 billion purchase of rival Capri Holdings, saying it would quash direct competition between the firms and give Tapestry a dominant position in the market for “accessible luxury” handbags.
The deal, announced in August, would combine Tapestry’s Coach, Stuart Weitzman and Kate Spade brands with Capri’s Michael Kors, Jimmy Choo and Versace labels.
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Tapestry, which owns Coach and Kate Spade, agreed last August to buy Capri Holdings, which owns Michael Kors and Versace. Credit: ThamKC/Adobe Stock
