Capri Holdings Limited Stock News

Capri Holdings Limited (NYSE:CPRI ) Strategic Update Conference Call November 14, 2024 11:00 AM ET Company Participants Jennifer Davis - VP, IR John Idol - Chairman and CEO Tom Edwards - CFO and COO Conference Call Participants Matthew Boss - JPMorgan Brooke Roach - Goldman Sachs Jay Sole - UBS Bob Drbul - Guggenheim Oliver Chen - TD Cowen Rick Patel - Raymond James Mark Altschwager - Robert W....

The proposed merger that would've combined six luxury brands owned by Capri and Tapestry was abandoned by the companies due to regulatory challenges posed by an FTC lawsuit.

Capri Holdings Ltd (NYSE: CPRI) has mutually agreed with Tapestry Inc (NYSE: TPR) to terminate the planned merger that would have combined six luxury brands into one fashion giant.

The Federal Trade Commission had sued to block the deal between the two luxury companies.

Tapestry Inc.' stock jumped 6.8% early Thursday, while Capri Holdings Inc.'s stock fell about 4%, after Tapestry said it's terminating its $8.5 billion merger agreement with its smaller rival.

Tapestry said on Thursday it was terminating its $8.5 billion deal for Michael Kors owner Capri after the deal was blocked by a U.S. judge.

Capri and Tapestry abandon plans to merge, citing regulatory hurdles

LONDON--(BUSINESS WIRE)--Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced the mutual termination of its definitive merger agreement with Tapestry, Inc. Capri and Tapestry mutually agreed that terminating the merger agreement was in the best interests of both companies as the required closing condition of receiving necessary U.S. regulatory approvals was unlikel...