The FTC is reportedly planning to file suit to block a merger between luxury fashion firms Tapestry and Capri, the parent companies of several prominent brands like Versace and Coach.
Federal antitrust regulators are planning to file a lawsuit to block Coach parent Tapestry's $8.5 billion bid to buy Michael Kors owner Capri, according to a report by New York Times Dealbook. The Federal Trade Commission is expected to hold a meeting next week to discuss the case, which could lead the commissioners to hold a vote on filing the lawsuit — though the report noted that the agency may decide not to sue.
Tapestry CEO Joanne Crevoiserat has said that she expects the deal to be finalized in 2024 and told Bloomberg in an interview on Monday, "We know that given the landscape, it just takes time to work through the issues," and added that she doesn't believe it's necessary for the company to sell off some of its brands to ensure the deal goes through. Capri's stock was down 2.72% during Wednesday's trading, while Tapestry's fell 0.91%.
The pending merger between grocery store chains Albertsons and Kroger is currently facing a legal challenge from the administration. A proposed merger between budget airlines Spirit and JetBlue was called off after a federal judge sided with the FTC in its lawsuit challenging the tie-up.
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