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.
Junta attacks in Myanmar’s Bago region kill 8, displace 6,000 — Radio Free Asia
Drama teacher, 78, at prestigious £51,000
The US military will begin plans to withdraw troops from Niger
He's a former Disney Channel actor who starred in famous films before serving four years in prison
South Dakota man sentenced to nearly 90 years in prison for his baby son's 2021 death
Drama teacher, 78, at prestigious £51,000
Food influencer lifts the lid on little
Venezuela's opposition backs unknown former diplomat in latest gambit to unseat Maduro
UnitedHealth says wide swath of patient files may have been taken in Change cyberattack
John Sterling honored by Yankees for 36 seasons and 5,631 games as radio voice