A U.S. District judge has halted the merger between the makers of Coach and Michael Kors handbags, saying it would reduce competition and hurt consumers.In her ruling Thursday, U.S. District Judge Jennifer Rochon noted that Tapestry Inc. and Capri Holdings are 'close competitors' and that the merger would result in 'the loss of head-to-head competition' and raise prices for shoppers.The decision followed seven days of testimony.
The FTC has said that they continuously monitor each other's handbag brands to determine pricing and performance, and they each use that information to make strategic decisions, including whether to raise or reduce handbag prices.Tapestry said in an emailed statement to The Associated Press on Thursday that the decision granting the FTC's request for a preliminary injunction was 'disappointing' and 'incorrect on the law and the facts.
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