NEW YORK CITY: The US Federal Trade Commission (FTC) said on Monday 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.
The planned acquisition, first announced last August and seen as a bid to create a new global fashion giant to compete with European powerhouses, "would eliminate direct head-to-head competition between Tapestry's and Capri's brands," the FTC said in a statement.
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