Fashion company Tapestry on Thursday said it's terminating its proposed merger with Capri because the two luxury groups don't expect to overcome an antitrust challenge within an acceptable time frame.
The companies agreed to a $8.5 billion deal in August 2023 that would have united Capri, the maker of Versace, Jimmy Choo and Michael Kors shoes, handbags and accessories, with Tapestry, which produces the same products under the Coach, Kate Spade New York, and Stuart Weitzman brands.
But the deal has faced numerous obstacles.
