Pedestrians walk past a Michael Kors store on August 10, 2023 in Chicago, Illinois.  Scott Olson | Getty Images Capri and Tapestry called off their merger on Thursday after the Federal Trade Commission successfully sued to block the megadeal. The two U.S.-based luxury houses “mutually agreed” that terminating the merger was in their best interests as they were unlikely to get regulatory approval before the deal was set to expire