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The Owner of Coach Abandons Its $8.5 Billion Bid to Take Over Versace’s Parent Company

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Tapestry and Capri Holdings have called off their $8.5 billion merger. Tapestry owns brands like Coach and Kate Spade, while Capri owns Versace.

John Lennon’s Long-Lost Patek Philippe Belongs to Yoko Ono, a Swiss Court Ruleson Thursday. The $8.5 billion deal was announced last year, but the Federal Trade Commission sued to block the merger and a federal judgeJohn Lennon’s Long-Lost Patek Philippe Belongs to Yoko Ono, a Swiss Court Rules

Tapestry and Capri “mutually agreed that terminating the merger agreement was in the best interests of both companies,” the two companies said, according to the. The move suggests that neither party believed an appeal would result in an eventual merger, the newspaper said. After the two companies announced the acquisition plan, the FTC worried that a merger would run into antitrust issues, thenoted. The commission believed that a combined entity could end up charging more for the so-called accessible luxury items sold by Coach, Kate Spade, Michael Kors, and the companies’ other brands. Tapestry and Capri countered by arguing that accessible luxury wasn’t a defined category.

Following the news of the failed merger, shares in Tapestry rose about 10 percent, while shares in Capri dropped 4 percent. “We are now focusing on the future of Capri and our three iconic luxury houses,” John Idol, the CEO of Capri, said in a statement, adding that Capri’s brands have more than 1,200 stores throughout the world, with strong customer loyalty.

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