Michael Kors news and archive

Capri Holdings and Tapestry terminate merger deal

Capri Holdings Limited and Tapestry Inc. have reached an agreement to terminate their merger arrangement, Capri announced in a press release. The news comes after a judge blocked the multi-billion dollar deal. Capri and Tapestry have said they are finally pulling the plug on their multi-billion dollar deal "in the best interest of both...

Business

Versace parent Capri Holdings records drop in revenue and profit

Capri Holdings Limited reported a revenue decrease of 16.4 percent on a reported basis and 16.4 percent in constant currency to 1.08 billion dollars. The company’s retail sales declined high-single-digits with trends being impacted by softening demand globally for fashion luxury goods. In wholesale, revenue decreased double-digits driven by...

BusinessFeatured

Tapestry x Capri merger blocked: What does this mean for the ‘accessible’ fashion market?

On Thursday, October 24, a US judge opted to block Tapestry’s attempt to buy competitor Capri Holdings, with “loss of head-to-head competition” cited as the reasoning. The case, first brought forward in a lawsuit by the Federal Trade Commission (FTC), became high profile due to its involvement of notable executives and the fact that the merger...

Business

FTC trial against Capri and Tapestry merger ends, judge’s decision awaits

A trial brought by the US Federal Trade Commission (FTC) against a potential merger of luxury goods giants Tapestry and Capri Holdings was brought to a close on Monday, with a federal judge's decision now being awaited. The FTC brought the antitrust case against the duo after Coach-owner Tapestry announced its intention to acquire competitor...

Retail

Michael Kors opens temporary London store

US fashion label Michael Kors has unveiled a new temporary store location in London as its yet-to-be-unveiled flagship store in the city undergoes construction. Located at 9 Old Bond Street, the temporary site will house Michael Michael Kors, Michael Kors Mens and Michael Kors Collection among its stock. This will serve as one of the brand’s...

Business

Tapestry's Capri Holdings acquisition faces FTC opposition

The fate of Capri Holdings, the parent company of Michael Kors, is on hold following an ongoing Federal Trade Commission (FTC) lawsuit challenging Tapestry's proposed 8.5 billion dollar acquisition of the group. According to the FTC, the merger of the Coach and Kate Spade brands, owned by the multinational holding company Tapestry, with Michael...

Fashion

Nominees of 2024 CFDA Fashion Awards named, Isabel Toledo to be honoured

The nominees of the 2024 CFDA Fashion Awards have been announced as the council, together with headline sponsor Amazon Fashion, looks to continue celebrating designers and innovators impacting American fashion. Nominees for the American Womenswear Designer of the Year are; • Rachel Scott for Diotima • Marc Jacobs • Jack McCollough and Lazaro...

Fashion

Michael Kors brings Italian air to New York Fashion Week

Fashion designer Michael Kors brought an Italian air to New York Fashion Week, presenting his Spring/Summer 2025 collection Tuesday as the brand remains embroiled in a legal battle with competition authorities. The show at a Manhattan cultural space followed the start of hearings in New York this week over the US antitrust agency seeking to...

PeoplePress Release

Capri Holdings appoints new Director of Talent Acquisition for EMEA

Capri Holdings has announced the appointment of Sunita Solanki as the new Director of Talent Acquisition for the EMEA region. This new role will see Sunita leading talent acquisition efforts across Capri Holdings' portfolio of brands, including Versace, Jimmy Choo, and Michael Kors. Sunita joins Capri Holdings after 2.5 years at Michael Kors,...

BusinessFeatured

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,...

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...