Tesla notches seventh straight loss ahead of Tuesday earnings release

The Federal Trade Commission has sued to block US luxury goods group Tapestry’s $8.5bn acquisition of Capri Holdings, a move that threatens a bid to create a US rival to European giants LVMH and Kering.

The antitrust regulator on Monday alleged that the acquisition would eliminate “head-to-head” competition among the groups’ brands, including Capri’s Michael Kors as well as Tapestry’s Kate Spade and Coach. 

A tie-up would give Tapestry a dominant slice of what the company has identified as the “accessible luxury” handbag market, the FTC said. 

“With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry,” Henry Liu, director of the FTC’s competition bureau, said in a statement.

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