Lina Khan's Federal Trade Commission is suing to block Tapestry's $8.5 billion acquisition of Capri Holdings, saying the deal would harm consumers by reducing competition and raising prices in the affordable luxury handbag sector.

Monday's lawsuit challenges the proposed deal that would have Tapestry controlling Coach, Kate Spade, Stuart Weitzman, Michael Kors, Versace and Jimmy Choo.

According to the FTC, the acquisition could have a negative impact on the millions of American shoppers who now benefit from the head-to-head rivalry between Tapestry and Capri, as well as on the roughly 33,000 workers employed by both companies worldwide.

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