Tapestry, a US conglomerate of luxury fashion brands, has officially terminated its merger agreement with Capri Holdings, owner of Versace, Jimmy Choo and Michael Kors. This decision to abandon the merger plans comes after a US district judge Jennifer Rochon stalled the prospective $8.

Tapestry, the owner of Coach, said it would abandon its $8.5 billion deal to buy Capri, the parent company of Michael Kors, after the Federal Trade Commission successfully sued to stop the transaction.

Fashion companies Capri Holdings Limited and Tapestry -- parent companies behind the Coach and Michael Kors brands -- ended their $8.5 billion merger deal Thursday. The deal was blocked by the Federal Trade Commission.