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.

Capri Holdings (NYSE:CPRI) and Tapestry, Inc. (NYSE:TPR) have mutually agreed to end their $8.5B merger deal. “Capri and Tapestry mutually agreed that terminating the merger agreement at this time is in the best interest of both companies,

Now Capri is pressing forward with a revamp that will include store closures and a marketing push for its Michael Kors brand.