EU antitrust regulators will decide by April 15 whether to clear Coach parent Tapestry’s $8.5 billion acquisition of Michael Kors owner Capri Holdings, according to a European Commission filing.
Tapestry sought EU approval on Wednesday for the deal that would create an American fashion powerhouse to challenge larger European rivals such as Paris-listed LVMH for a bigger share of the global luxury market.
The European Union’s competition enforcer can clear the deal with or without conditions after a preliminary review or open a four-month investigation if it has serious concerns.
Capri’s brands include Versace and Jimmy Choo, while Tapestry owns Kate Spade and Stuart Weitzman.
By Foo Yun Chee; editing by Milla Nissi
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