NEW YORK, April 23 ― The US Federal Trade Commission (FTC) said yesterday it has sued to block fashion group Tapestry's US$8.5 billion (RM40.6 billion) deal to buy Capri,...
The acquisition would give Tapestry an upscale portfolio with multiple brands focused on shoes and handbags, as well as a strengthened apparel offering with Versace and Kors, also a celeb favourite. — AFP picNEW YORK, April 23 ― The US Federal Trade Commission said yesterday it has sued to block fashion group Tapestry 's US$8.5 billion deal to buy Capri , which owns luxury brands including Michael Kors and Versace .
The proposed deal would also “give Tapestry a dominant share of the 'accessible luxury' handbag market,” the US antitrust regulator added.The all-cash takeover aims to boost sales by combining customer data streams, broadening geographic reach and achieving some US$200 million in annual cost savings within three years of the deal closing, the two firms said last year.
The acquisition would give Tapestry an upscale portfolio with multiple brands focused on shoes and handbags, as well as a strengthened apparel offering with Versace and Kors, also a celeb favourite.“The proposed merger threatens to deprive millions of American consumers of the benefits of Tapestry and Capri's head-to-head competition,” the FTC said in a statement.
Capri Fashion Houses Versace Michael Kors
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