Coach owner Tapestry calls off Capri bid on regulatory blocks

Fashion group Tapestry said Thursday that it was dropping its $8.5 billion bid for Capri, the owner of luxury brands including Michael Kors and Versace, following a successful legal challenge by US regulators. "Capri and Tapestry mutually agreed that terminating the merger agreement was in the best interests of both companies," Capri said in a statement.

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