On the verge of merging with the Tapestry group, Capri Holdings posted a significant drop in sales in the second quarter of 2023. These were weighed down by sluggish consumer spending, particularly in the Americas, and the slow start-up of the new Michael Kors e-commerce site.
On the eve of its integration by compatriot Tapestry (Coach, Kate Spade, Stuart Weitzman), Capri Holdings is not in Olympic form.
In the second quarter of 2024, which closed at the end of September, the owner of the Michael Kors, Jimmy Choo and Versace brands posted “results below” its “expectations due to macroeconomic headwinds and e-commerce implementation challenges”, said John D. Idol, Capri’s Chairman and CEO.
Sharp drop in sales
Sales thus fell by 8.6% (-10.1% at constant exchange rates) to $1.29 billion. “In early July, we launched a new e-commerce platform for Michael Kors in the Americas,” said John D. Idol, “While we are excited about the long-term benefits, the transition had a negative impact on our second-quarter results. In addition, consumer demand for fashion and luxury products weakened during the quarter, particularly in North and South America.”
Discover our plans Subscribe for 1€ Become an active member of the community of luxury leaders.
To continue reading this article, subscribe or log in to your account
Read also > CAPRI HOLDINGS: SHAREHOLDERS APPROVE MERGER WITH TAPESTRY
Featured photo: © Michael Kors
