In short: Busted-deal arb (never a big position) — the $57 Tapestry deal Khan blocked had no real antitrust basis (handbag-market HHI >5,000). At ~$19 he sees a renegotiated ~$40 deal (still a double) once Khan exits and rationality returns, likely after February.
Capri owns Michael Kors, Versace and Jimmy Choo. It had agreed to be bought by Tapestry (Coach's owner) for $57 a share, but regulator Lina Khan blocked the deal — which the house argues made no sense, since the luxury-handbag market is highly competitive by the standard math used to measure concentration.
This is a small "merger-arbitrage" position (a bet on a deal outcome). With the stock around $19 and Khan likely leaving, they think a renegotiated deal near $40 is plausible — still a double from here — or Tapestry buys back its own stock instead. It was never a big position because the underlying business is weak.
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