Capri Holdings news and archive

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...

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...

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,...

ManagementFeatured

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,...

Report

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...

ManagementFeatured

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...

Report

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...

Report

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...

ManagementFeatured

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...

ManagementFeatured

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...