Capri Holdings news and archive

Coach parent Tapestry posts increase in Q4 profit, sales remain flat

Coach owner Tapestry has reported widening profit in the fourth quarter despite its sales remaining flat. The group, which last week announced plans to acquire rival US fashion giant Capri Holdings, made a net profit of 224 million dollars in the three months ended July 1, up from 189 million dollars a year earlier. Sales in the fourth quarter...

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Capri Holdings posts decline in Q1 revenues

Capri Holdings Limited, the parent of luxury labels Michael Kors, Versace, and Jimmy Choo, has reported a 9.6 percent drop in first-quarter revenue to 1.23 billion dollars. The financial update comes the same day it was revealed that luxury group Tapestry, the parent company of Coach, Kate Spade, and Stuart Weitzman, is to acquire Capri in a...

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Coach owner Tapestry to acquire Michael Kors parent Capri Holdings in 8.5 billion dollar deal

Luxury fashion group Tapestry, the parent company of Coach, Kate Spade, and Stuart Weitzman, has reached a definitive agreement to acquire competitor Capri Holdings Limited. Under the terms of the transaction, Capri Holdings shareholders will receive 57 dollars per share, valuing the deal at approximately 8.5 billion dollars, the companies...

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Capri Holdings announces partnership to support regenerative agriculture in US

Capri Holdings has teamed up with the National Fish and Wildlife Foundation (NFWF) to support and accelerate the adoption of regenerative agriculture practices in the US. The luxury fashion group, which owns brands Versace, Michael Kors, and Jimmy Choo, said the three-year partnership aims to improve 150,000 acres of US grasslands “to drive a...

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Capri Holdings Q4 revenue down 10.5 percent, swings to loss

Michael Kors parent company Capri Holdings has reported a double-digit drop in revenue in the fourth quarter as it swung to a loss. The US fashion group generated revenue of 1.34 billion dollars in the three months to April 1 compared to revenue of 1.49 billion dollars a year earlier. However, the decrease amounted to a less significant 3...

Business

Capri Holdings appoints Bacardi CEO to its board of directors

Capri Holdings Limited has appointed Mahesh Madhavan to the company’s board of directors effective March 30, 2023. Madhavan, the company said in a statement, will join the compensation and talent committee as well as the governance, nominating and corporate social responsibility committee. As of the date of Madhavan’s appointment, the Capri...

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Capri Holdings posts drop in revenue and earnings

Capri Holdings Limited’s third quarter revenue decreased 6 percent on a reported basis and 0.5 percent in constant currency to 1.51 billion dollars. Gross profit was 1.01 billion dollars and gross margin was 66.5 percent compared to 1.05 billion dollars and 65.1 percent in the prior year. Adjusted gross profit was 1 billion dollars and adjusted...

Business

Cedric Wilmotte returning to Michael Kors as chief executive officer

Capri Holdings Limited has announced that Cedric Wilmotte will be appointed chief executive officer of the Michael Kors brand effective April 3, 2023. Wilmotte recently served as the interim chief executive officer for Versace from January through September 2022 and is currently Versace’s chief operating officer. Commenting on Wilmotte...

Business

Capri Holdings publishes update of CSR goals, receives SBTi backing

Luxury conglomerate Capri Holdings has released its latest Corporate Social Responsibility (CSR) report, covering the company’s efforts and progress within the topics of sustainability, human rights, diversity and philanthropy during FY22. Speaking on the report, John Idol, chairman and chief executive officer, said: “Capri Holdings is a company...

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Capri Holdings posts rise in Q2 sales and earnings

Capri Holdings Limited reported second quarter revenue of 1.41 billion dollars increased 8.6 percent on a reported basis and 17.5 percent in constant currency. Net income for the quarter was 224 million dollars or 1.63 dollars per diluted share, compared to 200 million dollars or 1.30 dollars per diluted share, in the prior year. Adjusted net...

Business

Versace is the latest luxury brand to increase prices

Consumers are somewhat used to seeing price increases at luxury brands like Chanel, Rolex, Cartier, Bottega Veneta and Louis Vuitton over the past three years, where items like handbags and shoes are seeing new elevated costings. These price increases, however, are nudging other companies to do the same. Versace is one such brand. At Goldman...

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Capri Holdings beats Q1 revenue, profit estimates

Michael Kors owner Capri Holdings made revenue of 1.36 billion dollars in the first quarter ended July 2, up 8.5 percent compared to last year, or up 15.2 percent on a constant currency basis. Breaking it down by brand, Michael Kors - the group’s biggest label - reported revenue of 913 million dollars, up 4.8 percent on last year. Meanwhile,...