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A bag from the Versace Fall-Winter 2024 collection by Donatella Versace. from the Versace Facebook page

A bag from the Versace Fall-Winter 2024 collection by Donatella Versace. From the Versace Facebook page

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Versace

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:300px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1713835113133versace.jpeg" style="width:300px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">A bag from the Versace Fall-Winter 2024 collection by Donatella Versace. From the Versace Facebook page</span></span></span></span></div><p>NEW YORK -- The US Federal Trade Commission (FTC) said Monday it has sued to block fashion group Tapestry&#x27;s $8.5 billion deal to buy Capri, which owns luxury brands including Michael Kors and Versace.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The planned acquisition, first announced last August and seen as a bid to create a new global fashion giant to compete with European powerhouses, &quot;would eliminate direct head-to-head competition between Tapestry&#x27;s and Capri&#x27;s brands,&quot; the FTC said in a statement.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The proposed deal would also &quot;give Tapestry a dominant share of the &#x27;accessible luxury&#x27; handbag market,&quot; the US antitrust regulator added.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The all-cash takeover aims to boost sales by combining customer data streams, broadening geographic reach and achieving some $200 million in annual cost savings within three years of the deal closing, the two firms said last year.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">If it goes ahead, the new company would also include Tapestry&#x27;s Stuart Weitzman and Capri&#x27;s Jimmy Choo -- both prominent shoe brands.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The acquisition would give Tapestry an upscale portfolio with multiple brands focused on shoes and handbags, as well as a strengthened apparel offering with Versace and Kors, also a celeb favorite.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">&quot;The proposed merger threatens to deprive millions of American consumers of the benefits of Tapestry and Capri&#x27;s head-to-head competition,&quot; the FTC said in a statement.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">This includes &quot;competition on price, discounts and promotions, innovation, design, marketing, and advertising,&quot; it added.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The FTC, an independent agency whose chair was appointed by President Joe Biden, and the Department of Justice&#x27;s antitrust division have ramped up action against corporate mergers in recent years.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In late February, the FTC moved to block a major supermarket merger.</p><div><strong>RELATED STORY:</strong> </div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/ffQWUyb7qdM?autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Just a few days later, JetBlue and Spirit Airlines announced they would call off their planned fusion, after a court in January sided with the Justice Department and halted the deal.</p>

<p>The US Federal Trade Commission (FTC) said 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.</p>

The US Federal Trade Commission (FTC) said 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.

US sues to block Coach owner's $8.5 billion buyout of Versace parent

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US sues to block Coach owner's $8.5 billion buyout of Versace parent

Agence France-Presse

Published Apr 23, 2024 09:29 AM PHT

Read More:

Coach

Versace

Michael Kors

Jimmy Choo

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