NEW YORK (AP) — The Federal Trade Commission sued to block Tapestry, Inc.’s $8.5 billion acquisition of Capri Holdings Ltd., saying that the deal would eliminate direct head-to-head competition between the fashion companies’ brands like Coach and Michael Kors in the so-called affordable luxury handbag arena.
The agency also said Monday that the deal, a nnounced in August 2023, threatens to eliminate the incentive for the two companies to vie for employees and could depress employees’ wages and workplace benefits. The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said.
“With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry,” said Henry Liu, director of the FTC’s bureau of competition in a statement.
The move is the latest by the FTC to take a more aggressive position on antitrust issues.
GloRilla hits back at NBA star Damian Lillard's estranged wife who trolled her for DUI arrest
HK's West Kowloon arts hub to run out of funds in 2025: CEO
US restricts trade with companies tied to drones used by Russia, Houthis
AT&T data breach: Millions of customers caught up in major dark web leak
Supreme Court to decide on Trump federal prosecution immunity
Pope Francis calls for ceasefire in Gaza and Ukraine in Easter message
FBI fears 'coordinated attack' on US homeland
Pope skips Good Friday procession 'to preserve his health'
Pentagon set to send $1 billion in new military aid to Ukraine once bill clears Senate and Biden
US, Japan and South Korea agree to expand security and economic ties at historic Camp David summit