Source: The American Prospect
by David Dayen
“The Federal Trade Commission is working to prevent every store in a moderately upscale Southern California mall from having the same owner. More specifically, it wants to prevent the workers who staff those stores from enduring lower wages and benefits. Those are some of the primary stakes in a merger challenge to a proposed $8.5 billion acquisition of Capri Holdings by Tapestry, Inc. Few would recognize these two parent companies, but you probably know their associated brands: Versace, Jimmy Choo, and Michael Kors are part of Capri, while Kate Spade, Coach, and Stuart Weitzman are in the Tapestry empire. All would come under the same corporate owner if the deal were to go through. … The prospect of another U.S. monopoly was enough for all five FTC commissioners (including the two new Republicans, who were just brought aboard in the last month) to vote to block the merger.” (04/24/24)
https://prospect.org/economy/2024-04-24-challenge-fashion-merger-new-antitrust-philosophy/