Welcome to our dedicated page for Capri Holdings news (Ticker: CPRI), a resource for investors and traders seeking the latest updates and insights on Capri Holdings stock.
Capri Holdings Limited (symbol: CPRI) is a global fashion luxury group that designs, markets, and retails branded apparel, footwear, and accessories for both women and men. The company operates through three primary segments: Michael Kors, Versace, and Jimmy Choo. Each brand epitomizes different facets of luxury fashion, offering products from ready-to-wear clothing to high-end footwear and accessories.
Michael Kors is the largest brand under Capri Holdings, widely recognized for its signature handbags, footwear, and apparel. The brand operates over 800 stores globally and also distributes through wholesale and e-commerce channels.
Versace, acquired by Capri in 2018, is renowned for its high-fashion ready-to-wear collections, accessories, and home furnishings. The brand operates through a network of boutiques, department stores, specialty stores, and e-commerce platforms. Versace also licenses its name and trademarks to third parties for products such as jeans, fragrances, watches, and eyewear. As of March 28, 2020, Versace operated 206 retail stores and 824 wholesale doors worldwide.
Jimmy Choo, known primarily for its luxury footwear, was acquired by Capri in 2017. The brand also offers handbags and small leather goods through directly operated stores and its e-commerce site. Similar to Versace, Jimmy Choo licenses its brand name and trademarks to third parties.
Capri Holdings continuously strives to expand its market reach and maintain its stature in the luxury fashion industry. Under the leadership of CEO John Idol since 2003, the company has made significant acquisitions and strategic moves to enhance its portfolio. Financially, Capri Holdings has shown resilience and adaptability in a competitive market landscape.
Capri Holdings (NYSE:CPRI), a global fashion luxury group, announced its long-term financial targets during its 2025 Investor Day in New York City. CEO John D. Idol expressed optimism about the growth potential of the company's brands - Versace, Jimmy Choo, and Michael Kors - citing their enduring value and proven resilience in delivering revenue and earnings growth.
The company provided guidance on an adjusted, non-GAAP basis, noting that financial results could be materially affected by external factors including global macroeconomic conditions, inflationary pressures, consumer confidence changes, and foreign currency exchange rate fluctuations.
Capri Holdings (NYSE:CPRI) has announced the promotion of Philippa Newman to Chief Brand and Product Officer, effective immediately. In this expanded role, Newman will oversee all product and marketing functions, reporting to John D. Idol, Chairman and CEO of Capri Holdings and Michael Kors.
Newman, who has been with Michael Kors for over 16 years, previously served as Chief Product Officer. In her new position, she will focus on delivering a unified brand experience aligned with the company's heritage, ensuring product innovation and consumer engagement across all touchpoints.
The strategic leadership restructuring aims to create greater synergy by bringing product and marketing under one cohesive leadership structure, reinforcing Michael Kors' commitment to brand evolution and product innovation.
Capri Holdings (NYSE: CPRI) has announced plans to host an Investor Day on Wednesday, February 19, 2025 in New York City. The event will run from 1:00 p.m. ET to 3:30 p.m. ET, featuring presentations and a Q&A session with key leadership.
The program will include presentations from Chairman and CEO John Idol, CFO and COO Tom Edwards, along with executives from Versace, Jimmy Choo, and Michael Kors. While in-person attendance is invitation-only with required advance registration due to capacity, a live video broadcast will be available on the company's Investor Relations website at www.capriholdings.com, with a replay option available after the event.
Capri Holdings (NYSE:CPRI) reported disappointing third quarter fiscal 2025 results, with revenue declining 11.6% to $1.26 billion. The company experienced challenges across all brands, with Versace revenue down 15.0%, Jimmy Choo down 4.2%, and Michael Kors down 12.1%.
The quarter saw a significant loss from operations of $590 million, primarily due to a non-cash impairment charge of $675 million. Adjusted earnings per share were $0.45, down from $1.20 in the prior year. The company's gross margin declined to 64.4%, while inventory levels decreased by 13% compared to the previous year.
Looking ahead, Capri Holdings expects fiscal 2025 total revenue of approximately $4.4 billion and projects fiscal 2026 revenue to decline further to $4.1 billion. Management is reevaluating strategic initiatives to improve sales trends, anticipating performance improvement throughout fiscal 2026 and a return to growth in fiscal 2027.
Entwistle & Cappucci has filed a securities class action lawsuit against Capri Holdings and Tapestry Inc. in the U.S. District Court for the District of Delaware. The lawsuit represents investors who traded Capri stock between August 10, 2023, and October 24, 2024.
The complaint alleges that defendants made false or misleading statements regarding the proposed $8.5 billion acquisition of Capri by Tapestry and downplayed antitrust risks. On October 24, 2024, Judge Jennifer L. Rochon granted the FTC's motion to block the merger, finding evidence that the companies were direct competitors in the accessible luxury handbag market, contrary to their public statements.
Following this news, Capri's stock price dropped $20.34 per share, representing nearly a 50% decline. The deadline for affected investors to file a motion to serve as lead plaintiff is February 21, 2025.
Capri Holdings (NYSE: CPRI) has announced it will release its third quarter fiscal 2025 financial results on Wednesday, February 5, 2025, at approximately 6:45 a.m. ET. The company will host a conference call to discuss these results at 8:30 a.m. ET on the same day.
Interested parties can participate by dialing (877) 704-4453 or (201) 389-0920 for international callers, using conference ID 13750496. A live webcast will be available on the company's website. A replay of the call will be accessible until February 12, 2025, via phone and webcast.
Capri Holdings announced a leadership reorganization at Michael Kors. John D. Idol, Chairman and CEO of Capri Holdings, will assume the role of Michael Kors CEO. Philippa Newman, who has been with the company for over 14 years, will be promoted to Chief Product Officer effective December 2, 2024. In her new role, Newman will oversee merchandising, production, licensing, and design across all product categories. The reorganization includes expense reduction initiatives, leading to the departure of Cedric Wilmotte. The company aims to stabilize revenues, improve store productivity, and return the wholesale business to growth.
Capri Holdings (NYSE:CPRI) announced the mutual termination of its merger agreement with Tapestry, Inc., as required U.S. regulatory approvals were unlikely to be met by February 10, 2025. The company unveiled strategic initiatives focused on returning to growth across its three luxury houses: Versace, Jimmy Choo, and Michael Kors. The strategy includes enhancing brand desirability, product development, and omni-channel experience. Michael Kors plans to reduce its store fleet to approximately 650 locations, while Versace and Jimmy Choo will maintain their current store counts at around 230 and 220 stores respectively. The company will host an Investor Day in late February 2025 to provide detailed financial prospects.
Tapestry (NYSE: TPR) and Capri Holdings have mutually agreed to terminate their merger agreement, citing uncertainty in the legal process and unlikely resolution by February 2025. In response, Tapestry announced a new $2 billion share repurchase authorization, including a planned Accelerated Share Repurchase program. The company will maintain its annual dividend rate of $1.40 per share in Fiscal 2025 and redeem $6.1 billion in acquisition-related senior notes. Tapestry agreed to reimburse Capri's transaction expenses of approximately $45 million. The company reaffirmed its Fiscal 2025 outlook and emphasized its commitment to organic growth and shareholder value creation.
Capri Holdings (NYSE:CPRI) announced its second quarter fiscal 2025 results, ending September 28, 2024. The company reported a 16.4% revenue decrease to $1.08 billion, with an adjusted operating margin of 3.0% and adjusted earnings per share of $0.65. CEO John D. Idol noted the impact of softening global demand for luxury goods. The company added 10.9 million new consumers across its brands, a 13% increase from last year. Despite the challenging environment, Capri is focused on long-term growth.
Key brand performances include:
- Versace: Revenue down 28.2%, operating loss of $3 million.
- Jimmy Choo: Revenue up 6.1%, operating loss of $5 million.
- Michael Kors: Revenue down 16.0%, operating income of $87 million.
Capri is appealing a District Court decision that enjoined its acquisition by Tapestry pending an FTC administrative proceeding.
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