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The future ownership of luxury brands Coach, Kate Spade, Michael Kors, Versace and Jimmy Choo is in the balance as the US competition watchdog is taking legal action to block an $8.5bn (£6.9bn) takeover deal between the brand owners, Tapestry and Capri.
Tapestry owns the Coach and Kate Spade luxury handbag and baggage brands, while Capri owns Michael Kors along with Versace and Jimmy Choo.
Tapestry wants to buy Capri to create a US fashion giant that could compete against bigger European rivals such as Chanel, Hermes and Louis Vuitton parent LVMH.
The US Federal Trade Commission (FTC) is against the takeover deal because it says it would eliminate direct head-to-head competition between Tapestry’s and Capri’s brands and could reduce wages across the merged business’s 33,000-strong global workforce.
Both …
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