Maker of Coach handbags calls off merger with company that produces Michael Kors accessories

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FILE - A chain of the Coach brand, owned by parent company Tapestry, is seen, May 3, 2019, at the Citadel Outlets in Commerce, Calif. – Fashion company Tapestry on Thursday said it's terminating its proposed merger with Capri because the two luxury groups don't expect to overcome an antitrust challenge within an acceptable time frame.

The FTC also alleged that the deal threatened to eliminate the incentive for the two companies to vie for employees and could depress wages and workplace benefits. The combined Tapestry and Capri would have employed roughly 33,000 people worldwide, the agency said.to jointly appeal the decision, but Tapestry said Thursday the outcome of the legal process is “uncertain and unlikely to be resolved by the February 10, 2025 outside date.

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Maker of Coach handbags calls off merger with company that produces Michael Kors accessoriesFashion company Tapestry says it’s terminating its proposed merger with Capri because the two luxury groups don’t expect to overcome an antitrust challenge within an acceptable time frame. The companies agreed in August 2023 to a $8.5 billion deal that would have united them.
Fonte: AP - 🏆 728. / 51 Leggi di più »

Maker of Coach handbags calls off merger with company that produces Michael Kors accessoriesFashion company Tapestry says it’s terminating its proposed merger with Capri because the two luxury groups don’t expect to overcome an antitrust challenge within an acceptable time frame.
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Judge blocks Coach owner Tapestry's proposed acquisition of Michael Kors parent CapriThe owners of Coach and Michael Kors, Tapestry and Capri, saw their proposed merger blocked after the FTC sued to stop the deal.
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Makers of Coach and Michael Kors handbags blocked from merger in antitrust caseMerger between luxury handbag makers would reduce competition and hurt consumers, U.S. District judge says.
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Judge blocks $8.5B merger of luxe brands Coach, Michael Kors in shock setbackThe companies argued the deal was needed to fight back against European players like Gucci, which are increasingly grabbing market share.
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