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10% drop in Tapestry Inc. stock price within one month post-lawsuit announcement
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FTC Sues to Block $8.5 Billion Merger of Coach, Michael Kors on Monday
Apr 22, 2024, 10:22 PM
On Monday, the U.S. Federal Trade Commission (FTC) filed a lawsuit to block Tapestry Inc., the parent company of Coach and Kate Spade, from acquiring Capri Holdings Ltd., which owns luxury brands such as Michael Kors and Jimmy Choo. The FTC argues that the $8.5 billion deal would significantly reduce competition in the 'affordable luxury' handbag market, potentially leading to higher prices and less choice for consumers. This move is part of the Biden administration's broader strategy of aggressive antitrust enforcement, marking a significant intervention in the fashion accessories sector. In response, Tapestry criticized the FTC, stating that the agency is 'clueless'.
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