FTC seeks information on $8.5 billion Tapestry-Capri deal

(Reuters) -The U.S. Federal Trade Commission (FTC) has sent requests to Tapestry (NYSE:) and Michael Kors owner Capri Holdings (NYSE:) for more information on their planned $8.5 billion deal, the Coach parent said on Monday.

Tapestry agreed to buy Capri in August, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market.

The companies expect to respond “promptly” to the FTC’s request and aim to close the deal in 2024.

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