A pedestrian walks past a Michael Kors store on August 10, 2023 in Chicago, Illinois.
Scott Olson | Getty Images
Capri and Tapestry called off their merger on Thursday after the megadeal was blocked by the Federal Trade Commission.
The two U.S.-based luxury houses “mutually agreed” that ending the merger agreement was in their best interests as they were unlikely to get regulatory approval before the deal was set to expire in February.
“With the termination of the merger agreement, we are now focusing on the future of Capri and our three iconic luxury houses,” Capri CEO Johh Idol said in a statement. “Looking ahead, I remain confident in Capri’s long-term growth potential for numerous reasons.”
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