Fashion companies Capri (CPRI) and Tapestry (TPR) have mutually decided to abandon their $8.5 billion merger. The companies cited regulatory hurdles, saying in a statement "the required closing condition of receiving necessary US regulatory approvals was unlikely to be met by the merger agreement’s outside date of February 10, 2025."

Morning Brief Anchors Seana Smith and Brad Smith discuss the announcement in the video above.

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This post was written by Stephanie Mikulich.