American competition watchdogs want to prevent the multimillion-dollar deal that aims to bring together well-known fashion brands such as Coach, Michael Kors and Versace under one roof. The supervisors' argument: higher prices for luxury goods.

The FTC argued in a lawsuit Monday that the merger could lead to higher prices for handbags and accessories, among other things.

The merger, valued at about $8.5 billion, was announced in August. The Tapestry group, owner of the Coach, Kate Spade and Stuart Weitzman brands, wants to buy the Capri holding company, which controls Michael Kors, Versace and Jimmy Choo.

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