EU regulators to decide on Tapestry deal for Michael Kors owner by mid-April
Reuters
Published Mar 08, 2024 04:20AM ET
Updated Mar 08, 2024 11:26AM ET
BRUSSELS (Reuters) - EU antitrust regulators will decide by April 15 whether to clear Coach parent Tapestry (NYSE:TPR)'s $8.5 billion acquisition of Michael Kors owner Capri Holdings (NYSE:CPRI), 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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Written By: Reuters
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