Capri Holdings news and archive

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,...

Business

Michael Kors UK posts sales decline in FY23

During the year to April 2023, Michael Kors UK recorded a turnover of 77.2 million pounds versus 78.3 million pounds in the previous year. In a filing with the Companies House UK, the company attributed the decline to general macroeconomic conditions and ongoing conflict in Ukraine indirectly impacting the cost of living. Gross profit percentage...

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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 responds to FTC's lawsuit blocking acquisition of Capri Holdings

The Federal Trade Commission (FTC) has sued to block Tapestry’s 8.5 billion dollars acquisition of Capri Holdings Limited, a deal that seeks to combine three close competitors – Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand. The Commission issued an administrative complaint and authorised a lawsuit in federal court to...

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...

People

Capri Holdings 'firmly' denies search for Michael Kors successor

Capri Holdings, parent company of Michael Kors, has denied a suggestive report by WWD that a search is underway for a possible successor to Kors. In a statement to the media outlet, Capri reported that the eponymous designer was and remains 'chief creative officer' of Michael Kors. The response follows a report published by WWD earlier this week...

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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...

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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,...

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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...