to form Saks Global, he has to get the transaction past one more obstacle — the Federal Trade Commission.
Tapestry signed its deal to buy Capri in August, received a second request for more information from the FTC in November and was thenThe Tapestry-Capri case turns on the definition of the “accessible luxury” market — and would a deal that brought together Tapestry’s Coach and Kate Spade brands with Capri’s Michael Kors put the combined company in a position to dominate that market.
Everyone selling goods inside that circle are considered competitors. What that circle looks like in the case of Saks-Neiman’s is still anybody’s guess — outside the FTC — but market definition is not the only issue that antitrust experts are watching as regulators review the Neiman’s buyout. That case, bringing together two grocery store giants, might speak to a “need” while the combination of Saks and Neiman’s could look like the regulation of a “want,” but the government has the latitude to take all businesses seriously.
Just as vendors will find themselves with fewer choices if Saks and Neiman’s merge, the retailers’ highly skilled luxury salespeople and other employees would likewise see their options narrow. Darrell Prescott, an attorney and antitrust expert who has worked in the fashion industry for years, said: “Typically in retail, antitrust matters would be resolved by just selling off stores and locations where they are in close proximity or they compete with one another or overlap. I don’t think it’s going to be that simple here.”
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