Versace news and archive

Capri Holdings sees ‘disappointing’ drop in Q1 revenue, slides into red

“We were disappointed with our first quarter results as performance continued to be impacted by softening demand globally for fashion luxury goods,” John Idol, Capri Holding’s chairman and chief executive officer, began in a statement to the press as the company slid into the red. Indeed, the luxury group continued to tackle dampening demand...

Business

As Michael Kors navigates UK sales dip, prices are likely to rise

The luxury fashion industry is navigating a period of adjustment as consumer spending on high-end goods shows signs of slowing down following a post-pandemic boom. Michael Kors, the US-based fashion brand operated by Capri Holdings, has reported a significant decline in its UK sales for the year ending April 2023. According to This is Money,...

People

Versace appoints Mathieu Baboulène as global director of communications

To strengthen its presence on the international stage, the Italian luxury fashion house Versace has entrusted its communication to Mathieu Baboulène, an industry veteran with more than 20 years of experience having worked with fashion houses such as Kenzo, Coach, Maison Margiela and Dries Van Noten. After four years as global director of public...

BusinessFeatured

Softening demand for luxury fashion impacts Capri Holdings' Q4

Versace parent Capri Holdings Limited reported fourth quarter revenue of 1.223 billion dollars, down 8.4 percent compared to last year. On a constant currency basis, total revenue decreased 7.9 percent. The company said in a statement that total retail sales declined in the mid-single-digits with trends impacted by softening demand globally for...

Business

Tapestry and Capri merger gains EU and Japan antitrust approval

The planned merger between luxury powerhouses Tapestry and Capri Holdings has been approved by market regulators in both Japan and the European Union, bringing the duo one step closer to their goal. In a regulatory filing, Tapestry confirmed the news that the merger plan had been cleared by the European Commission under the EU Merger Regulation...

BusinessFeatured

Soft luxury demand impacts Capri Holdings Q3

Capri Holdings’ third quarter revenue of 1.43 billion dollars decreased 5.6 percent compared to last year. On a constant currency basis, total revenue decreased 6.6 percent. The company said in a statement that retail sales declined in the mid-single-digits with trends being impacted by softening luxury consumer demand primarily in the Americas...

Business

Caroline Deroche Pasquier appointed VP, global communications at Versace

After three years at Bottega Veneta, Caroline Deroche Pasquier has joined Versace as vice president, Global Communications. In this new role, she will report to Georgina Scholtens-Day, global vice president, marketing, communications, digital and customer journey. This new appointment is also an opportunity for Versace to strengthen its...

Fashion

These are the most frequently misspelled fashion brands

Fjällräven, Givenchy and Hermes have one thing in common - they are brand names that are neither easy to pronounce nor to write. The latter can be a hindrance when searching for a specific fashion brand online. The digital wholesale platform Joor wanted to find out more and investigated the 15 most frequently misspelled names of fashion brands...

BusinessFeatured

Capri Holdings reports decline in second quarter revenue

Capri Holdings Limited, a US luxury fashion group that owns the Michael Kors, Versace and Jimmy Choo brands, fell short of its own expectations in the second quarter of the current financial year, ended 30 September. Total sales came in at 1.29 billion US dollars, falling by 8.6 percent compared to the previous year. On a constant currency...

Business

Tapestry cuts revenue forecast

Tapestry, the group that owns the portfolios of Coach, Kate Spade, and Stuart Weitzman, issued a revision to its annual sales projection on Thursday, with analysts citing a downturn in demand for its handbags and footwear across the United States. While Tapestry reported a 6 percent uptick in first-quarter revenue on a comparable basis to 2022,...

Fashion

Versace deletes Instagram, hints at new social media strategy

Versace has deleted all the posts from its Instagram account. The luxury fashion house, which has 29 million followers, has wiped its social media slate clean, suggesting an announcement or change may be imminent. Earlier this month Versace was sold as part of Tapestry’s acquisition of parent company Capri Holdings in a multi-billion dollar...

BusinessFeatured

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...