Economic news
FTC seeks information on $8.5 billion Tapestry-Capri deal
2023.11.06 17:11
© Reuters. The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle/File Photo
(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.
