Capri Holdings: revenues down 10% in the first quarter

[vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”administrator,editor,author,armember”][vc_column][vc_column_text]

Versace-owned luxury group Capri Holdings, Jimmy Choo and Michael Kors, reported revenues of $1.23 billion in the first quarter, down 10% year-over-year.

 

The Capri Holdings Group, which has just been acquired by Tapestry, has just unveiled its first quarter 2024 revenue. It was $1.23 billion, down 10% from the previous year. In constant currency, total turnover decreased by 9%.

 

As previously announced, the proposed acquisition of Capri Holdings by Tapestry marks an important milestone for our company. It’s a testament to everything our teams have accomplished to make Versace, Jimmy Choo and Michael Kors iconic and powerful luxury fashion houses,” said John D Idol, President and CEO of Capri Holdings.

 

We are convinced that this combination will bring immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri Holdings is part of a larger and more diverse company. By joining Tapestry, we will have more resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands“, he added.

 

In detail, the group’s gross profit is $812 million, with a gross margin of 66%, down from $901 million last year. Operating income also decreased significantly on a comparable basis in the first quarter of fiscal 2024, from $231 million to $80 million. Its operating margin also declined to 6.5% from 17% the previous year.

 

Adjusted operating income was $111 million, with a 9% operating margin, compared to $215 million and 18.5% on a comparable basis.

 

Net income for the first quarter of fiscal 2024 was $48 million, or $0.41 per diluted share, down substantially from $201 million the previous year, or $1.40 per diluted share. And adjusted net income is $88 million or $0.74 per diluted share, compared to $215 million or $1.50 per diluted share the previous year.

 

The American group, founded by Michael Kors in 1981, has in its portfolio big names of the Italian-American scene, mainly in fashion and accessories, namely: Versace, Jimmy Choo and Michael Kors. Its recent acquisition by the American group Tapestry will allow it to benefit from synergies of means with three other brands (Coach, Kate Spade and Stuart Weitzman) in terms of creation, distribution and employee experience.

 

As for the brands in its initial portfolio, the Capri Holdings group can count on the dynamism of Jimmy Choo. Locomotive of the group, Michael Kors, for his part, still suffers from its over-exposure and its policy of markdowns.

 

In detail, the Italian fashion house Versace recorded a 6% decline in its turnover to 259 million dollars in reported and constant currencies. Operating income was $3 million, compared to $52 million previously.

 

Haute couture shoe specialist Jimmy Choo saw his revenues increase by 6.4 or 7% at constant exchange rates, for a total of $183 million. Its operating profit was $16 million, with an operating margin of 9%, down slightly from $19 million and 11% last year.

 

Michael Kors, for its part, recorded revenues down 14% to $787 million. At constant exchange rates, total turnover fell by 13%. Operating profit was $130 million and operating margin was 16.5%, down from $222 million and 24.3% the previous year, the statement added.

 

Read also>American group Tapestry acquires Capri, owner of Michael Kors

Featured photo : ©Press[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]

Versace-owned luxury group Capri Holdings, Jimmy Choo and Michael Kors, reported revenues of $1.23 billion in the first quarter, down 10% year-over-year.

 

The Capri Holdings Group, which has just been acquired by Tapestry, has just unveiled its first quarter 2024 revenue. It was $1.23 billion, down 10% from the previous year. In constant currency, total turnover decreased by 9%.

 

As previously announced, the proposed acquisition of Capri Holdings by Tapestry marks an important milestone for our company. It’s a testament to everything our teams have accomplished to make Versace, Jimmy Choo and Michael Kors iconic and powerful luxury fashion houses,” said John D Idol, President and CEO of Capri Holdings.

 

We are convinced that this combination will bring immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri Holdings is part of a larger and more diverse company. By joining Tapestry, we will have more resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands“, he added.

 

In detail, the group’s gross profit is $812 million, with a gross margin of 66%, down from $901 million last year. Operating income also decreased significantly on a comparable basis in the first quarter of fiscal 2024, from $231 million to $80 million. Its operating margin also declined to 6.5% from 17% the previous year.

 

Adjusted operating income was $111 million, with a 9% operating margin, compared to $215 million and 18.5% on a comparable basis.

[…][/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…

Already have an account ? Please log in.

[/vc_cta][vc_column_text]Featured photo : © Press[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”subscriber,customer”][vc_column][vc_column_text]

Versace-owned luxury group Capri Holdings, Jimmy Choo and Michael Kors, reported revenues of $1.23 billion in the first quarter, down 10% year-over-year.

 

The Capri Holdings Group, which has just been acquired by Tapestry, has just unveiled its first quarter 2024 revenue. It was $1.23 billion, down 10% from the previous year. In constant currency, total turnover decreased by 9%.

 

As previously announced, the proposed acquisition of Capri Holdings by Tapestry marks an important milestone for our company. It’s a testament to everything our teams have accomplished to make Versace, Jimmy Choo and Michael Kors iconic and powerful luxury fashion houses,” said John D Idol, President and CEO of Capri Holdings.

 

We are convinced that this combination will bring immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri Holdings is part of a larger and more diverse company. By joining Tapestry, we will have more resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands“, he added.

 

In detail, the group’s gross profit is $812 million, with a gross margin of 66%, down from $901 million last year. Operating income also decreased significantly on a comparable basis in the first quarter of fiscal 2024, from $231 million to $80 million. Its operating margin also declined to 6.5% from 17% the previous year.

 

Adjusted operating income was $111 million, with a 9% operating margin, compared to $215 million and 18.5% on a comparable basis.

[…][/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…

Already have an account ? Please log in.

[/vc_cta][vc_column_text]Featured photo : © Press[/vc_column_text][/vc_column][/vc_row]

Tags

Picture of The editorial team
The editorial team
Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

Luxus+ recommends

Subscribe to our Newsletter

Sign up now to receive sneak previews of our programs and articles!

Launch offer:

Your participation in the Camille Fournet Masterclass reserved for annual subscriber !

Luxus Plus Newsletter