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.
Armenia and Azerbaijan move closer to normalizing ties as the first border marker goes up
Desert locusts seen in Sanaa, Yemen
France makes face mask mandatory in all indoor public places
Leonardo DiCaprio's girlfriend Vittoria Ceretti showcases her jaw
Three giant pandas born in Belgium to head back to China
Italy to cut red tape, speeding up economic recovery amid coronavirus emergency
GoFundMe expands into Mexico as part of for
Chinese Vice Foreign Minister Ma Zhaoxu to attend G20 meeting: spokesperson
Canadian police charge 2 former UN employees with conspiracy to sell military equipment in Libya
'Dazi culture' increasingly popular among young Chinese