FTC sues to block Tapestry's $8.5 billion acquisition of Capri
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.
Related articles
How Hunter Biden has come to face jurors on federal gun charges
WASHINGTON (AP) — President Joe Biden’s son was in federal court, prepared to plead guilty to misdem2024-06-03China's national legislature to hold press conference ahead of annual session
The second session of the 14th National People's Congress will hold a press conference on March 4 at2024-06-03Xi's theory offers path to innovation
Growth: Greater emphasis on talent urgedAs the curtain is raised for China's most important annual p2024-06-03China's first domestic large cruise ship embarked on its maiden commercial voyage
Beijing, January2 (Youth.cn) -On January 1, 2024, in Shanghai, China's first domestically produced l2024-06-03From Beverly Hills to the BBC! How Camila Morrone emerged from ex
For some it takes an army to win the war, but for Camila Morrone it took a reduced regiment of two g2024-06-03More outbound flights expected for Spring Festival
An Air China plane takes off from Beijing Daxing International Airport. [Photo by Zou Hong/China Dai2024-06-03
atest comment