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.

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

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.