F.T.C. Said to Consider Blocking Major Fashion Merger [The New York Times]
KERING SA UNSP/ADR (PPRUY)
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Source: The New York Times
The Federal Trade Commission is preparing to sue to block a luxury fashion mega merger, Tapestry’s$8.5 billion takeoverThe F.T.C.’s five commissioners are expected to meet next week to discuss the case, a move that could precede a formal vote on whether to file a lawsuit, the people said. The people, who were not authorized to discuss the deliberations, said that it was still possible that the agency could opt not to sue.The deal, intended to bring together labels such as Tapestry’s Coach and Kate Spade with Capri’s Versace and Michael Kors, would create an American luxury conglomerate to compete with European powerhouses like Louis Vuitton’s parent, LVMH, and Kering, the owner of Gucci.Monopoly cases in the fashion industry are rare, because there is no shortage of new labels looking to undercut legacy brands. “It is the paradigmatic part of the economy where there is ample competition,” said Howard Hogan, the chair of the fashion, retail and consumer practice at the law firm Gibson
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