NEW YORK (AP) — The Federal Trade Commission sued to block Tapestry, Inc.’s $8.5 billion acquisition of Capri Holdings Ltd., saying that the deal would eliminate direct head-to-head competition between the fashion companies’ brands like Coach and Michael Kors in the so-called affordable luxury handbag arena.
The agency also said Monday that the deal, a nnounced in August 2023, threatens to eliminate the incentive for the two companies to vie for employees and could depress employees’ wages and workplace benefits. The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said.
“With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry,” said Henry Liu, director of the FTC’s bureau of competition in a statement.
The move is the latest by the FTC to take a more aggressive position on antitrust issues.
Related articles:
Related suggestion:
Palestinian death toll in Gaza rises to 31,490: ministryXinjiang forward Abdusalam wins CBA MVP awardJuventus back on form with 12 mln private vehicles pass through Hong Kong3 Shanghai players score 20+points in win vs. XinjiangVerstappen eases to win in 2024 F1 season openerGodzilla teams up with Kong for new colossal fightBradley Cooper takes his 7Bilbao end 40Kipyegon and Duplantis set to star in Xiamen
2.6845s , 5214.1875 kb
Copyright © 2024 Powered by FTC sues to block Tapestry's $8.5 billion acquisition of Capri ,Culture Curves news portal