Connect with us

CBS News

FTC sues to block $8.5 billion union of Coach, Michael Kors

Avatar

Published

on


The Federal Trade Commission is suing to block Tapestry’s $8.5 billion acquisition of Capri Holdings, saying the deal would harm consumers by reducing competition and raising prices in the affordable luxury sector.

Monday’s federal court filing by the FTC challenges the proposed deal that would have one company controlling six fashion brands: Tapestry’s Coach, Kate Spade and Stuart Weitzman and Capri’s Michael Kors, Versace and Jimmy Choo.

The acquisition could have a negative impact on the millions of American shoppers who now benefit from the head-to-head rivalry between Tapestry and Capri, as well as on the roughly 33,000 workers employed by both companies worldwide, the FTC stated.

“With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry,” Henry Liu, director of the FTC’s Bureau of Competition, stated. “This deal threatens to deprive consumers of the competition for affordable handbags, while hourly workers stand to lose the benefits of higher wages and more favorable workplace conditions.”

Tapestry rejected the FTC’s stance, saying the agency does not understand either the marketplace or the way people shop.

“The bottom line is that Tapestry and Capri face competitive pressures from both lower- and higher-priced products. In bringing this case, the FTC has chosen to ignore the reality of today’s dynamic and expanding $200 billion global luxury industry,” the company said in a statement.

Tapestry said it would acquire Capri in August of 2023. The companies together generated more than $12 billion in sales in 2022. 



Read the original article

Leave your vote

Continue Reading

CBS News

Recapping Trump and Harris’ last messages to voters before Election Day

Avatar

Published

on


Recapping Trump and Harris’ last messages to voters before Election Day – CBS News


Watch CBS News



Election Day is here after a sprint down the campaign’s home stretch by former President Donald Trump and Vice President Kamala Harris. CBS News’ Olivia Rinaldi and Nancy Cordes break down the final messages the two candidates tried to impart to voters.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

How young voters in the battleground state of Nevada could be decisive this Election Day

Avatar

Published

on


How young voters in the battleground state of Nevada could be decisive this Election Day – CBS News


Watch CBS News



As Nevada’s youth turnout rises, first-time voters share their reasons for voting in this pivotal election. Lilia Luciano has their stories.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Philadelphia voters head to the polls in battleground Pennsylvania

Avatar

Published

on


Philadelphia voters head to the polls in battleground Pennsylvania – CBS News


Watch CBS News



Pennsylvania is one of the key battleground states this Election Day, evidenced by the multiple stops Vice President Kamala Harris and former President Donald Trump made there throughout their campaigns. CBS News Philadelphia reporter Wakisha Bailey has more from a polling place in Philadelphia.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.