A federal court judge has blocked the proposed merger between Tapestry-owned Coach and Capri parent Michael Kors.
The reasoning behind the judge's order wasn't immediately clear but the FTC had previously argued the merger would harm consumers, raise prices and reduce employee benefits. Tapestry and Capri announced their $8.5 billion merger last year but the deal has been stalled after the FTC sued to block it.In her order, Judge Jennifer Rochon granted the Federal Trade Commission's motion for a preliminary injunction to block the proposed merger, which would marry America's two largest luxury houses and put six fashion brands under one company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors.
Rochon's reasoning behind the order wasn't immediately clear. A detailed opinion was filed under seal and isn't currently accessible to the public.Do I have enough money to retire? Ask yourself these 3 questions to assess whether you're ready The FTC argued if the companies merged, it would harm consumers by making the affordable handbag market less accessible and would leave employees with worse salaries and benefits. Tapestry argued consumers would be better off if it merged with Capri because it would allow them to keep up with trends faster, offer better products and reach more customers.
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