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

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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. 



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Gazan chefs cook up hope and humanity for online audience

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Gazan chefs cook up hope and humanity for online audience – CBS News


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For many in war-torn Gaza, a hot meal has become a luxury. Two bright spots in the midst of displacement and food shortages are 10-year-old Chef Renad, who’s gained a following on Instagram, and Hamada Shaqoura, who prepares simple dishes online, often relying on humanitarian aid and crude cooking arrangements. They talk with correspondent Holly Williams about the hardships of life in Gaza, and of using cooking as a symbol of hope and humanity.

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Serving up home-cooked dog food

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Serving up home-cooked dog food – CBS News


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Commercially-produced pet food is a $50 billion a year industry. But some advocate for healthier meals for your beloved pets. Correspondent Nancy Giles visits Just Food for Dogs, in Hollywood, Calif, which sells delicious canine fare that is also USDA-approved for human consumption; and with pet nutritionist Christine Filardi, author of “Home Cooking For Your Dog.” Bone Appétit!

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What makes a martini a martini?

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What makes a martini a martini? – CBS News


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There are very few American inventions more American than the martini – a classic cocktail of gin and vermouth, garnished with lemon. But today, a martini’s ingredients may be up for debate, with variations and proportions skewed to personal taste. “Sunday Morning” contributor Kelefa Sanneh looks at the history of the martini, with a twist.

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