Tapestry said the U.S. Federal Trade Commission filed a lawsuit on April 22, 2024 in the U.S. District Court for the Southern District of New York seeking to block its merger with Capri Holdings Limited (Capri).

1. 01

   Tapestry said the U.S. Federal Trade Commission filed a lawsuit on April 22, 2024 in the U.S. District Court for the Southern District of New York seeking to block its merger with Capri Holdings Limited (Capri).

2. 02

   Tapestry said it entered into a merger agreement with Capri and Sunrise Merger Sub, Inc., a wholly owned subsidiary, on August 10, 2023. Under the structure, Merger Sub will merge into Capri, and Capri will survive as a wholly owned subsidiary of Tapestry.

3. 03

   In a press release, the company argued that the deal is pro-competitive and said the FTC fundamentally misunderstands the marketplace and how consumers shop. The company said it competes with hundreds of rival brands in a global luxury industry of $200 billion.

4. 04

   The company said the FTC is the last regulator that has not yet approved the transaction. It said it has legal arguments in defense of the transaction and will work expeditiously to close the transaction in calendar year 2024.

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