Capri Holdings, parent company of Michael Kors, has seen its stock price drop by nearly 23% since agreeing to be acquired by Tapestry, parent company of Coach. Concerns have arisen over the US Federal Trade Commission’s scrutiny of the $8.5 billion sale. Capri’s performance has been lackluster, with a 5.6% revenue decline in the third quarter of 2023. Uncertainty in the wholesale channel and the Chinese market adds to investor worries. However, Tapestry remains confident in completing the acquisition this year.