In the potentially fluctuating tariff environment of 2025, before finalizing mid to long-term agreements for delivering goods at a certain price, it will be wise for companies to try to build in pricing flexibility based on tariff increases. Anti-Trust Concerns Fashion brands have traditionally relied on M&A to drive growth. While European brand aggregators LVMH, Kering, and Richemont have expanded into luxury conglomerates here in the United States, the US Federal Trade Commission (FTC) has recently taken an active role in thwarting such consolidation. Case in point, last year's announced merger between Tapestry and Capri Holdings was blocked by the FTC, which arguedthat the combined company would have a dominant share of the "accessible luxury" handbag market.