Legal
Tapestry-Capri Judge Lets FTC Use ‘Accessible Luxury’ Market
- Companies said definition was so vague as to be unintelligible
- FTC sued to block deal that would marry Coach, Michael Kors
A shopper looks at a Michael Kors handbag.
Photographer: Jeenah Moon/BloombergThe federal judge overseeing the Federal Trade Commission’s case to block Tapestry Inc.’s $8.5 billion takeover of rival Capri Holdings Ltd. rejected a bid by the companies to force antitrust enforcers to turn over more information about their definition of “accessible luxury” handbags.
In a ruling at a hearing Monday, Judge Jennifer L. Rochon in Manhattan said the FTC’s complaint offered enough detail on the proposed market in which Tapestry and Capri compete, with nine pages outlining the market. The companies filed a motion to force the FTC to offer more detail on the proposed market, arguing the complaint was too vague.