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Capri Holdings Limited reports developments for a global fashion luxury group built around Michael Kors and Jimmy Choo. Company news centers on quarterly and fiscal results, brand performance, executive appointments, consumer and retail conference participation, and strategic updates following the completed sale of Versace.
Updates also describe product and brand priorities across fashion luxury categories, including handbags, footwear, apparel and accessories, as well as balance-sheet actions, debt reduction and capital-allocation plans tied to the company’s remaining luxury-brand portfolio.
Capri Holdings (NYSE: CPRI) has announced a definitive agreement to sell Versace to Prada S.p.A. for $1.375 billion in cash. The transaction is expected to close in the second half of 2025, subject to regulatory approvals.
The strategic sale aims to strengthen Capri's balance sheet and fuel growth for its remaining brands, Michael Kors and Jimmy Choo. The transaction proceeds will support multiple capital allocation priorities, including:
- Business investments
- Debt reduction
- Future share repurchases
Barclays is serving as financial advisor, while Wachtell, Lipton, Rosen & Katz provides legal counsel for the transaction.
Capri Holdings (NYSE:CPRI) announced that Thomas J. Edwards, Jr., Executive Vice President, Chief Financial Officer and Chief Operating Officer, will depart the company on June 20, 2025. Rajal Mehta, current CFO of Michael Kors, will serve as Interim CFO, while Patricia Gabriel, Senior VP and Chief Supply Chain Officer, will continue leading global supply chain and operations.
Both Mehta and Gabriel will report to Chairman and CEO John D. Idol. Mehta brings 16 years of company experience, having joined Michael Kors in 2008, and previously held finance roles at Toys'R'Us and Ralph Lauren. The company has initiated a search for Edwards' permanent replacement and maintains confidence in its growth strategies outlined at their recent Investor Day.
Capri Holdings (NYSE:CPRI) announced significant leadership changes at Versace. Donatella Versace will transition from Chief Creative Officer to Chief Brand Ambassador effective April 1, 2025. In her new role, she will focus on supporting Versace's philanthropic initiatives while continuing as a global brand advocate.
Dario Vitale, former Design and Image Director at Miu Miu, has been appointed as Versace's new Chief Creative Officer, also effective April 1, 2025. The transition is part of a planned succession strategy for the luxury fashion house.
Donatella Versace, who has led the brand's creative vision since 1997, expressed enthusiasm for Vitale's appointment and gratitude to her team. She will remain closely connected to the brand, emphasizing that 'Versace is in my DNA.' Emmanuel Gintzburger, Versace's CEO, praised Donatella's nearly thirty-year contribution and expressed confidence in Vitale's ability to bring a fresh perspective while respecting the brand's essence.
Capri Holdings (NYSE:CPRI), a global fashion luxury group, announced its long-term financial targets during its 2025 Investor Day in New York City. CEO John D. Idol expressed optimism about the growth potential of the company's brands - Versace, Jimmy Choo, and Michael Kors - citing their enduring value and proven resilience in delivering revenue and earnings growth.
The company provided guidance on an adjusted, non-GAAP basis, noting that financial results could be materially affected by external factors including global macroeconomic conditions, inflationary pressures, consumer confidence changes, and foreign currency exchange rate fluctuations.
Capri Holdings (NYSE:CPRI) has announced the promotion of Philippa Newman to Chief Brand and Product Officer, effective immediately. In this expanded role, Newman will oversee all product and marketing functions, reporting to John D. Idol, Chairman and CEO of Capri Holdings and Michael Kors.
Newman, who has been with Michael Kors for over 16 years, previously served as Chief Product Officer. In her new position, she will focus on delivering a unified brand experience aligned with the company's heritage, ensuring product innovation and consumer engagement across all touchpoints.
The strategic leadership restructuring aims to create greater synergy by bringing product and marketing under one cohesive leadership structure, reinforcing Michael Kors' commitment to brand evolution and product innovation.
Capri Holdings (NYSE: CPRI) has announced plans to host an Investor Day on Wednesday, February 19, 2025 in New York City. The event will run from 1:00 p.m. ET to 3:30 p.m. ET, featuring presentations and a Q&A session with key leadership.
The program will include presentations from Chairman and CEO John Idol, CFO and COO Tom Edwards, along with executives from Versace, Jimmy Choo, and Michael Kors. While in-person attendance is invitation-only with required advance registration due to capacity, a live video broadcast will be available on the company's Investor Relations website at www.capriholdings.com, with a replay option available after the event.
Capri Holdings (NYSE:CPRI) reported disappointing third quarter fiscal 2025 results, with revenue declining 11.6% to $1.26 billion. The company experienced challenges across all brands, with Versace revenue down 15.0%, Jimmy Choo down 4.2%, and Michael Kors down 12.1%.
The quarter saw a significant loss from operations of $590 million, primarily due to a non-cash impairment charge of $675 million. Adjusted earnings per share were $0.45, down from $1.20 in the prior year. The company's gross margin declined to 64.4%, while inventory levels decreased by 13% compared to the previous year.
Looking ahead, Capri Holdings expects fiscal 2025 total revenue of approximately $4.4 billion and projects fiscal 2026 revenue to decline further to $4.1 billion. Management is reevaluating strategic initiatives to improve sales trends, anticipating performance improvement throughout fiscal 2026 and a return to growth in fiscal 2027.
Capri Holdings (NYSE: CPRI) has announced it will release its third quarter fiscal 2025 financial results on Wednesday, February 5, 2025, at approximately 6:45 a.m. ET. The company will host a conference call to discuss these results at 8:30 a.m. ET on the same day.
Interested parties can participate by dialing (877) 704-4453 or (201) 389-0920 for international callers, using conference ID 13750496. A live webcast will be available on the company's website. A replay of the call will be accessible until February 12, 2025, via phone and webcast.
Capri Holdings announced a leadership reorganization at Michael Kors. John D. Idol, Chairman and CEO of Capri Holdings, will assume the role of Michael Kors CEO. Philippa Newman, who has been with the company for over 14 years, will be promoted to Chief Product Officer effective December 2, 2024. In her new role, Newman will oversee merchandising, production, licensing, and design across all product categories. The reorganization includes expense reduction initiatives, leading to the departure of Cedric Wilmotte. The company aims to stabilize revenues, improve store productivity, and return the wholesale business to growth.
Tapestry (NYSE: TPR) and Capri Holdings have mutually agreed to terminate their merger agreement, citing uncertainty in the legal process and unlikely resolution by February 2025. In response, Tapestry announced a new $2 billion share repurchase authorization, including a planned Accelerated Share Repurchase program. The company will maintain its annual dividend rate of $1.40 per share in Fiscal 2025 and redeem $6.1 billion in acquisition-related senior notes. Tapestry agreed to reimburse Capri's transaction expenses of approximately $45 million. The company reaffirmed its Fiscal 2025 outlook and emphasized its commitment to organic growth and shareholder value creation.