WASHINGTON (dpa-AFX) - Capri Holdings (CPRI) announced the mutual termination of its definitive merger agreement with Tapestry, Inc. The required closing condition of receiving necessary U.S. regulatory approvals was unlikely to be met by the merger agreement's outside date of February 10, 2025. Capri Holdings also announced its strategies to return to growth.
John Idol, Chairman and CEO, said, 'With the termination of the merger agreement, we are now focusing on the future of Capri and our three iconic luxury houses. Looking ahead, I remain confident in Capri's long-term growth potential.'
Shares of Capri Holdings are down 6% in pre-market trade on Thursday.
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