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US FTC blocks Tapestry-Capri merger

US luxury group Tapestry’s merger with Capri Holdings has been blocked by a complaint from the Federal Trade Commission, concerned about the risk of a handbag monopoly. Tapestry has hit back and accused the regulator of inconsistency, given it authorized a similar merger in the jewelry sector when LVMH bought out Tiffany’s. Tapestry is urging the government to clarify how it defines the market and claims that the case misunderstands how the fashion industry operates. The parties are scheduled to have a virtual meeting on May 13.

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