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Life After the Tapestry-Capri Annulment

There are rarely any redos when a proposed corporate marriage of this magnitude fails to make it to the altar. Alas, Plan B doesn’t look good for Capri, and even worse for Michael Kors.

john idol
Condolences to Capri C.E.O. John Idol, he of Kors-I.P.O. and Tommy Hilfiger-exit fame, who was supposed to retire years ago but hung on to pull off one last big deal. Photo: David M. Benett/Dave Benett/Getty Images for Frieze
Lauren Sherman
October 28, 2024

On Thursday, a federal judge sided with the Federal Trade Commission, blocking the $8.5 billion merger between Tapestry and Capri. The two companies said they would appeal, but their plea is almost unequivocally doomed. Judge Jennifer Rochon’s ruling accepts the F.T.C. logic of essentially inventing a new market category—“accessible luxury” handbags—and then agrees that the merged company would dominate it. By the agency’s own self-imposed narrow definition, I suppose that’s true.