Capri Holdings, parent company of Michael Kors, has announced that luxury veteran Joshua Schulman will become president and CEO of its flagship brand positioned in the accessible luxury segment. Schulman will also take the helm of Capri Holdings in September 2022.
Capri shares rose 5%, with analysts hailing Capri’s decision to bring in the executive credited with turning around the Coach brand, which he led from 2017 to 2020.
Effective immediately, Schulman takes over as head of the Michael Kors brand. He will report to outgoing CEO John Idol, who retains his current position as CEO of Capri Holdings – which also owns Michael Kors, Versace and Jimmy Choo – until September 2022. Schulman will then succeed John D Idol as head of Capri Holdings, while Idol will assume the position of Executive Chairman while continuing to serve as CEO of the board.
Schulman was the boss of Jimmy Choo between 2007 and 2012, and has also held senior positions at Yves Saint Laurent, Gucci and other luxury brands.
“Schulman has a strong track record of leading Coach’s turnaround, and we believe the MK brand and CPRI are poised to benefit from his leadership,” Cowen analyst Oliver Chen said in a note.
Read Also > IN FAVOR OF A MORE RESPONSIBLE FASHION, MICHAEL KORS DEPARTS FROM THE OFFICIAL RUNWAY CALENDAR
Featured Photo : © Bergdorf-Goodman
