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☆ US sues to block Tapestry’s Capri deal citing handbag market domination
▼ + stars: | 2024-04-22 | by ( ) edition.cnn.com time to read: +1 min

The US Federal Trade Commission said on Monday it was suing to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate competition. This comes at a time when several US lawmakers have sought increased scrutiny from the FTC of several multi-billion dollar deals that might risk higher prices and affect consumers. US antitrust enforcers had also come out with new merger guidelines in December, in a bid to encourage fair, open and competitive markets. But the FTC requested more information from the firms on their deal in November. “Capri Holdings strongly disagrees with the FTC’s decision,” the company said in a statement.

Persons: Michael Kors, Capri, Tapestry, Louis Vuitton, “, Kate Spade, Jimmy Choo Organizations: US Federal Trade Commission, Capri, “ Capri Holdings, FTC, European Union, Japan

☆ F.T.C. Said to Consider Blocking Major Fashion Merger
▼ + stars: | 2024-04-17 | by ( Lauren Hirsch | More About Lauren Hirsch | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission is preparing to sue to block a luxury fashion mega merger, Tapestry’s $8.5 billion takeover of Capri Holdings, two people with knowledge of the matter said. The F.T.C.’s five commissioners are expected to meet next week to discuss the case, a move that could precede a formal vote on whether to file a lawsuit, the people said. The people, who were not authorized to discuss the deliberations, said that it was still possible that the agency could opt not to sue. Monopoly cases in the fashion industry are rare, because there is no shortage of new labels looking to undercut legacy brands. “It is the paradigmatic part of the economy where there is ample competition,” said Howard Hogan, the chair of the fashion, retail and consumer practice at the law firm Gibson Dunn.

Persons: ’, Kate Spade, Capri’s Versace, Michael Kors, Louis Vuitton’s, ”, Howard Hogan, Gibson Dunn Organizations: Federal Trade Commission, Capri Holdings, Gucci, Monopoly Locations: American

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

☆ Coach Owner to Buy Parent of Versace in Luxury Mega Merger
▼ + stars: | 2023-08-10 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

The companies said the merger also presented an opportunity to increase their direct-to-consumer business and save them $200 million in operating and supply-chain costs within three years. Tapestry’s stock was down 3 percent before the market open on Thursday. On Wednesday, before the news was announced, Capri’s stock closed at just under $35. “This has put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth. There is more security in embarking on bold international plans as a larger entity.”

Persons: ” Joanne Crevoiserat, ” John D, ” Neil Saunders Organizations: Capri

☆ This Is Ischia’s Moment in the Sun
▼ + stars: | 2023-06-09 | by ( Ondine Cohane | ) www.nytimes.com time to read: +1 min

I fell for Ischia well before I ever visited it in person. The couple’s beautiful, tanned physiques and relaxed smiles, the perfect sand and tranquil sea, were a cinematic ad to move to Italy, and to Ischia, immediately. Ischia is one of a trio of islands (known as the Phlegraeans) off Naples that also includes Capri and Procida. There are simple bars, beach clubs and harbors more likely to dock fishing boats than megayachts. Add in natural thermal spas, lush vineyards and deserted coves, and it’s easy to see why Ischia is quickly become one of Italy’s rising destinations.

Persons: Ripley, Tom, Marge, Dickie, Procida, Marie, Louise Sció Locations: Ischia, Italy, Naples, —

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