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FTC sues to block luxury fashion merger of Tapestry and Capri Holdings

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Federal regulators claim the union would lead to higher prices for U.S. consumers and worsen workplace conditions for employees

A Michael Kors show in Manhattan earlier this year. A proposed merger would combine the brand with such U.S. luxury brands as Coach and Kate Spade. to block the $8.5 billion merger of luxury fashion conglomerates Tapestry and Capri Holdings, a union that regulators say would lead to higher prices for U.S. consumers.

“We have full confidence in the merits and pro-competitive nature of this transaction,” the statement said. “It will bring significant benefits to the combined company’s customers, employees, partners, and shareholders in the U.S. and around the world.”Tapestry to broaden its global reach and usher the company into a higher-end segment of the fashion industry.

“There’s a general concern of merged companies being able to raise prices,” Lada said. If the answer is yes, then the FTC has to consider if consumers will have a “reasonable substitute” if they aren’t able or willing to pay the higher price.

 

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