Pins matching tag:Tapestry

The FTC filed suit in federal court and issued an administrative complaint to stop Tapestry, owner of Coach and Kate Spade, from buying Capri Holdings' Michael Kors, arguing the deal would eliminate head-to-head competition in accessible-luxury handbags.

US District Judge Jennifer Rochon granted the FTC a preliminary injunction halting Tapestry's proposed acquisition of Capri Holdings, ruling that the accessible-luxury handbag rivals were close competitors whose merger would hurt consumers.

Tapestry and Capri Holdings scrapped their planned merger after the FTC's court win, with Tapestry agreeing to reimburse Capri $45.1 million in expenses rather than keep fighting past the deal's outside date.