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Michael Kors chief executive Joshua Schulman yesterday his resignation from the U.S. fashion group, after only seven months at the helm.
The latter is not a newcomer to the luxury sector, but a veteran. He was responsible for the turnaround of the New York luxury brand Coach, part of the Tapestry Group. He also held senior positions at Gucci, Jimmy Choo and Bergdorf Goodman between 2014 and 2017. Last August, he was appointed CEO of Michael Kors, a brand of the Capri Holdings group. This group is the owner of Jimmy Choo and Versace, among others.
The resignation comes amidst a real lack of understanding by the executives of the parent group of Michael Kors, as they reveal that Schulman was on track for a big promotion: taking over as head of Capri Holdings.
Commenting on Schulman’s sudden decision, Capri Holdings’ current chairman and chief executive John Idol reassured the group’s future results, denying any future disruption: “We remain well positioned to deliver significant revenue and earnings growth over the long term, as well as increased value to our shareholders. I am fully committed to continuing to lead Capri Holdings and drive our future success”.
However, there is no indication that Schulman has been ousted from Capri, as his insiders were surprised and caught off guard by the recent announcement.
Who will replace Schulman as CEO?
It is the current Capri Holdings chairman John Idol, that has been appointed as Michael Kors’ new CEO, although he was due to step down as CEO in September 2022. He was particularly pleased with Schulman’s appointment to the position, stating that “the board and I are confident in Josh’s unique abilities to lead Capri Holdings.
Now, however, John Idol has expressed his contentment with taking over Schulman’s role: “Michael Kors has a talented management team in place that will continue to execute its strategic initiatives,” Idol said in a statement Monday. “The board and I remain extremely optimistic about the future growth of Michael Kors and Capri Holdings. We are grateful for Josh’s contribution to our organisation,” he added.
Nevertheless, even though Capri has seen strong economic results from its brands in fiscal 2021, the group saw its shares fall more than 8% on Monday after Schulman’s sudden and unexplained reversal.
Read also > CHANGES TO KERING’S BOARD OF DIRECTORS
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Michael Kors chief executive Joshua Schulman yesterday his resignation from the U.S. fashion group, after only seven months at the helm.
This hybrid place between boutique, museum and restaurant of the luxury house of Dior will reopen its doors this Sunday, March 6, to the delight of aficionados of the brand.
The latter is not a newcomer to the luxury sector, but a veteran. He was responsible for the turnaround of the New York luxury brand Coach, part of the Tapestry Group. He also held senior positions at Gucci, Jimmy Choo and Bergdorf Goodman between 2014 and 2017. Last August, he was appointed CEO of Michael Kors, a brand of the Capri Holdings group. This group is the owner of Jimmy Choo and Versace, among others.
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Michael Kors chief executive Joshua Schulman yesterday his resignation from the U.S. fashion group, after only seven months at the helm.
This hybrid place between boutique, museum and restaurant of the luxury house of Dior will reopen its doors this Sunday, March 6, to the delight of aficionados of the brand.
The latter is not a newcomer to the luxury sector, but a veteran. He was responsible for the turnaround of the New York luxury brand Coach, part of the Tapestry Group. He also held senior positions at Gucci, Jimmy Choo and Bergdorf Goodman between 2014 and 2017. Last August, he was appointed CEO of Michael Kors, a brand of the Capri Holdings group. This group is the owner of Jimmy Choo and Versace, among others.
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