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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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Why some 2024 final election results won’t be in by end of Election Day

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Why some 2024 final election results won’t be in by end of Election Day – CBS News


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Some battleground states may not have their final election results until after Election Day 2024. Tom LoBianco, a national politics reporter and co-founder of 24sight News, joins CBS News with more on counting methods in several key states.

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Nov 5: CBS News 24/7, 1pm ET

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Nov 5: CBS News 24/7, 1pm ET – CBS News


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Trump delivers remarks after casting his vote in Florida; Election anxiety on the rise amid high tensions.

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What we know about Fulton County, Georgia, poll site bomb threats

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What we know about Fulton County, Georgia, poll site bomb threats – CBS News


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At least two polling sites in Fulton County, Georgia, were briefly evacuated after apparent bomb threats were made, officials confirmed. CBS News’ Dave Malkoff reports on what’s known about the threats and how voting is going in the key battleground state on Election Day 2024.

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