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.
US women's soccer to play Olympic send
Coachella: Earthquake shakes SoCal desert during music fest
Coyotes sale to Utah Jazz owner expected next week, Arizona to get expansion team, AP source says
Viral video highlights targeting of Hmong women to marry Chinese men — Radio Free Asia
Chicago woman convicted of killing, dismembering landlord, hiding some remains in freezer
Frank Nazar turns pro, signing 3
300,000 new families eligible for welfare program in Sri Lanka
Michigan voters go to polls for 2024 U.S. presidential primary
Orioles call up another top prospect in OF Heston Kjerstad, who hit 10 HRs in 21 games at Triple
Sri Lankan navy apprehends 12 Indian fishermen for poaching
Unai Emery agrees Aston Villa contract extension until 2027
U.S. House Republicans fail to impeach homeland security secretary over border security