Tapestry dodged a bullet by canceling its acquisition of Capri Holdings. It is freed from taking on the many problems at Capri just as the global luxury market declines.

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.

The parent companies of brands such as Coach, Kate Spade, Versace and Michael Kors decided not to proceed with a court battle.