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EU Regulators to Decide on Tapestry Deal for Michael Kors Owner by Mid-April

By putting Coach, Michael Kors, Versace and other brands under one roof, the combined company of Tapestry and Capri instantly vaults to the top of US fashion groups.
By putting Coach, Michael Kors, Versace and other brands under one roof, the combined company of Tapestry and Capri instantly vaults to the top of US fashion groups. (Courtesy)
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EU antitrust regulators will decide by April 15 whether to clear Coach parent Tapestry’s $8.5 billion acquisition of Michael Kors owner Capri Holdings, according to a European Commission filing.

Tapestry sought EU approval on Wednesday for the deal that would create an American fashion powerhouse to challenge larger European rivals such as Paris-listed LVMH for a bigger share of the global luxury market.

The European Union’s competition enforcer can clear the deal with or without conditions after a preliminary review or open a four-month investigation if it has serious concerns.

Capri’s brands include Versace and Jimmy Choo, while Tapestry owns Kate Spade and Stuart Weitzman.

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By Foo Yun Chee; editing by Milla Nissi

Learn more:

Tapestry Forecasts Higher 2024 Profit on China Demand, Strong Margins

Coach parent Tapestry raised its annual profit forecast on Thursday, betting on full-price sales of its premium handbags and satchels as well as early signs of a demand recovery in key market China.

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