US sues to block Coach owner’s $8.5-B buyout of Versace parent

NEW YORK, United States  — The US Federal Trade Commission (FTC) said Monday it has sued to block fashion group Tapestry’s $8.5 billion deal to buy Capri, which owns luxury brands including Michael Kors and Versace. The planned acquisition, first announced last August and seen as a bid to create a new global fashion giant to compete with European powerhouses, “would eliminate direct head-to-head competition between Tapestry’s and Capri’s brands,” the FTC said in a statement. The proposed deal would also “give Tapestry a dominant share of the ‘accessible luxury’ handbag market,” the US antitrust regulator added. READ: Coach owner’s […]…

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