U.S. judge blocks Tapestry-Capri merger in victory for FTC

Judge Jennifer Rochon of the U.S. District Court of the Southern District of New York granted the Federal Trade Commission’s motion to preliminarily enjoin the proposed merger of Tapestry (TPR) with Capri (CPRI) pending the completion of the FTC’s in-house administrative proceeding. The FTC has argued that the merger likely will substantially lessen competition in the market for accessible-luxury handbags, while the defendants deny that such a product market exists.