New York Fashion Week isn’t the only major fashion event happening this month. On Monday, fashion icon Michael Kors testified in an antitrust trial in Manhattan as a Federal Trade Commission lawsuit filed in April that seeks to block Tapestry’s $8.5 billion acquisition of Capri Holdings.
The deal, if approved, would place six major fashion brands under one company: Tapestry’s Coach, Kate Spade, and Stuart Weitzman; and Capri’s Versace, Jimmy Choo, and Michael Kors. The FTC argues this deal would “eliminate direct head-to-head competition between Tapestry’s and Capri’s brands” and give Tapestry a “dominant share” of the accessible luxury handbag market—or bags made from quality leader and craftsmanship offered at a more affordable price.
