Michael Kors and Versace to see price increases

American luxury group Capri Holdings is expected to raise prices across its portfolio of brands, which include Michael Kors, Versace and Jimmy Choo.

The company saw a 24 percent rise in Q4, raising its revenue outlook in response. High demand for fashion has meant a quicker recovery from the pandemic than analysts originally forecasted.

According to Reuters Capri CEO John Idol said the company is now looking to reposition its brands, especially Versace, at higher price points. "We've seen absolutely no consumer resistance to any of the price increases that we have taken, and there will be more as well.”

The group benefited from minimising discounting despite increased production and transport costs.

Figures from Reuters said Capri’s forecasts revenue of 5.56 billion dollars in 2022, compared with its prior estimate of 5.4 billion dollars, while it expects annual profit per share to be 6 dollars, up from 5.30 dollars per share.