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Capri-Tapestry Jitters & The Wrath of Khan

Fashion insiders are bracing for the activist F.T.C. crusader to take a shot at the Tapestry-Capri merger. Meanwhile, things are getting real in the Neiman Marcus-Saks negotiations. Would Khan hold a gun to that deal, too?

lina khan
Tapestry has to reimburse Capri for expenses up to $50 million if Lina Khan brings down the hammer, but nobody’s losing their third home over this. Photo-Illustration: Puck; Photos: Slaven Vlasic/Getty Images for The New York Times/Eduardo Munoz Alvarez/VIEWpress via Getty Images
Lauren Sherman
April 22, 2024

At 11 a.m. today, a closed-door meeting was scheduled at the Federal Trade Commission to discuss Tapestry’s $8.5 billion impending takeover of Capri, a consolidation of two American fashion mini-conglomerates attempting to bulk up against their mightier European rivals. It’s increasingly likely that the activist commissioner Lina Khan will sue to stop it—a disappointing outcome for everyone involved, especially Capri C.E.O. John Idol, who already made bank taking Michael Kors public in 2011, but is perhaps one deal away from the eternal golf course. It’s also unpleasant news for Tapestry C.E.O. Joanne C. Crevoiserat, who will celebrate her Time 100 inclusion on Wednesday night.