Capri, Tapestry Scrap Merger After FTC Blocked Deal (2)

Capri Holdings Ltd and Tapestry Inc. scrapped their $8.5 billion plan to merge after a court order froze the proposed combination of the US fashion companies due to antitrust regulators’ objections.

Tapestry, owner of the Coach and Kate Spade brands, and Capri, whose biggest brand is Michael Kors, said they mutually decided to end the agreement as it was in the best interests of both companies.

The judge’s order late last month handed a win to Federal Trade Commission Chair Lina Khan,who opposed the deal on the grounds that it would harm competition in the market for “accessible luxury” ...