The news: A federal judge blocked Tapestry’s $8.5 billion acquisition of Michael Kors owner Capri on the grounds that the deal would result in less competition and higher prices in the accessible luxury handbag category.

• The ruling is a major victory for the Federal Trade Commission (FTC), which now has a winning record under chair Lina Khan.
• Capri and Tapestry will appeal the decision, with the latter arguing that the two companies face considerable pressures from both higher- and lower-priced products in a dynamic, highly fragmented industry.