Tapestry and Capri Terminate $8.5 Billion USD Merger

Tapestry, Inc., parent to the Coach and Kate Spade brands, will no longer acquire rival Capri Holding Ltd., which owns Michael Kors, Versace and Jimmy Choo, after the US Federal Trade Commission successfully blocked the merger, the companies announced on Thursday.The two conglomerates mutually agreed to terminate the $8.5 billion USD deal after a federal judge ruled to halt the acquisition, stating that it would eliminate direct competition in the mid-tier handbag market. Tapestry previously sai...