Capri terminates Tapestry merger citing regulatory hurdles

The luxury fashion brand merger between Capri and Tapestry is officially off, as the two companies announced Thursday that they will abandon the merger because they were unlikely to gain regulatory approval. The proposed $8.5 billion merger was first announced in August 2023 but has faced scrutiny from the Federal Trade Commission , which sued to block the deal earlier this year over concerns it would undermine competition in the luxury handbag and accessories space.

Capri CEO John D. Idol said in a statement on Thursday, "With the termination of the merger agreement, we are now focusing on the future of Capri and our three iconic luxury houses." "Given our company's performance over the past 18 months, we have recently started to implement a number of strategic initiatives to return our luxury houses to growth.

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