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Tapestry and Capri filed a notice to jointly appeal the decision, but Tapestry said Thursday the outcome of the legal process is “uncertain and unlikely to be resolved by the February 10, 2025 ...
Image source: Getty Images. Tapestry. The government's blocking of the deal with Capri could be the best thing for Tapestry. The company will have to pay Capri up to $50 million if the deal is ...
The combined Tapestry and Capri would employ roughly 33,000 people worldwide, the agency said. The two companies' brands cover a wide array of items from clothing to eyewear to shoes. Tapestry has been on an acquisition binge for the past several years, and already owns Kate Spade New York, Stuart Weitzman and Coach.
In April, the Federal Trade Commission filed a lawsuit aiming to halt Tapestry’s $8.5 billion purchase of Capri Holdings. Buyback: Tapestry’s Board of Directors approved a $2 billion share ...
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.
Related: Tapestry And Capri Call Off $8.5B Deal Amid Legal Hurdles The ASRs will be completed under the company’s recently expanded $2.8 billion share repurchase authorization.
Tapestry announced it would acquire Capri Holdings in August 2023 for $8.5 billion. [10] Capri owns the brands Versace, Michael Kors, and Jimmy Choo. [11] The U.S. Federal Trade Commission sued to block the acquisition in April 2024 citing reduced competition between their brands, like Coach and Michael Kors, in the affordable luxury handbag ...
The FTC is attempting to block Tapestry’s acquisition of Capri, which would create a bag behemoth. Michael Kors admits defeat by influencers and celebrities, claiming ‘brand fatigue’ in $8.5 ...