Tapestry and Capri merger gains EU and Japan antitrust approval

The planned merger between luxury powerhouses Tapestry and Capri Holdings has been approved by market regulators in both Japan and the European Union, bringing the duo one step closer to their goal.

In a regulatory filing, Tapestry confirmed the news that the merger plan had been cleared by the European Commission under the EU Merger Regulation and the Fair Trade Commission of Japan under the Antimonopoly Act, both of which approved of the agreement unconditionally.

The duo now await a decision in the US, where the only outstanding antitrust regulatory approval is situated.

Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman, announced its intention to acquire competitor Capri Holdings Limited in August of last year, in a deal valued at approximately 8.5 billion dollars.

At the time, Capri Holdings, whose portfolio comprises luxury labels Michael Kors, Versace, and Jimmy Choo, said the merger would result in the establishment of a “powerful global house of iconic luxury and fashion brands” that were present in 75 countries.

Tapestry CEO, Joanne Crevoiserat, seconded this sentiment, adding that the coming together of the six fashion labels would unlock “a unique opportunity to drive enhanced value for our consumers, employees, communities, and shareholders around the world”.