US FTC sues to block Versace parent buyout

By Agence France-Presse

Apr 24, 2024 12:18 am

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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