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Haute Shots

Lina Khan’s ivory tower antitrust outfit is going to war with the fashion industry under an untested legal theory that there is such a thing as the “accessible luxury handbag” market—and that Tapestry’s $8.5 billion merger with Capri will destroy it. Industry insiders say Khan doesn’t have a clue.

Lina Khan
According to the F.T.C., if the Tapestry-Capri merger goes through, the combined entity would control more than 50 percent of the “accessible luxury” market, possibly leading the way to higher prices, fewer discounts and promotions, reduced innovation, and depressed employee wages and workplace benefits. Photo: Chip Somodevilla/Getty Images
Eriq Gardner
May 20, 2024

Three years into Joe Biden’s presidency, his neo-Brandeis antitrust brain trust has much to celebrate. From thwarting mergers like JetBlue-Spirit and Adobe-Figma to cracking down on noncompetes and junk fees, they’ve made Wall Street Journal op-ed writers apoplectic. For a victory lap this Tuesday, they’ll take center stage at the Anti-Monopoly Summit at the Westin Hotel in Washington, D.C., where the headliners will be Assistant Attorney General Jonathan Kanter, chair of U.S. Council of Economic Advisers Jared Bernstein, and of course, F.T.C. chair Lina Khan. Attendees, if they have any sense of humor, might tote this season’s hottest antitrust accessory—a stylish, mid-priced handbag.