The FTC Seeks Information on $8.5 Billion Deal Between Tapestry and Michael Kors Owner Capri

The U.S. Federal Trade Commission (FTC) has sent requests to Tapestry and Michael Kors owner Capri Holdings for more information on their planned $8.5 billion deal, the companies said on Monday.

Tapestry agreed to buy Capri in August, as the luxury brands looked to consolidate top labels such as Tapestry’s Kate Spade, Stuart Weitzman and Capri’s Jimmy Choo and Versace under one roof to compete with larger rivals such as Paris-listed LVMH in the European luxury market.

The companies said on Monday they expect to respond “promptly” to the FTC’s request and aim to close the deal as planned, in 2024.

Read the source article at Yahoo Finance