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 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.
Capri Holdings (NYSE:CPRI) announced its intention to jointly file with Tapestry, Inc. a notice of appeal to the U.S. Court of Appeals for the Second Circuit. This appeal challenges the U.S. District Court for the Southern District of New York's decision to grant the Federal Trade Commission's motion for a preliminary injunction that blocks Tapestry's pending acquisition of Capri Holdings.
Capri Holdings (NYSE:CPRI) has announced its intention to file a joint notice of appeal with Tapestry, Inc. This action comes in response to the U.S. District Court for the Southern District of New York's decision to grant the U.S. Federal Trade Commission's motion for a preliminary injunction, which blocks Tapestry's pending acquisition of Capri Holdings. The appeal will be filed with the U.S. Court of Appeals for the Second Circuit, in accordance with the merger agreement requirements.
Tapestry (NYSE: TPR) has responded to a U.S. District Court ruling that granted the FTC's request for a preliminary injunction regarding its proposed acquisition of Capri Holdings (NYSE: CPRI). The company expressed disappointment with the decision, stating it believes the ruling is incorrect on both legal and factual grounds. Tapestry, which owns Coach, kate spade new york, and Stuart Weitzman brands, argues that the industry is highly competitive, dynamic, and fragmented. The company has announced its intention to appeal the decision in accordance with the merger agreement terms.
Capri Holdings (NYSE: CPRI) has announced it will release its second quarter fiscal 2025 financial results on Thursday, November 7, 2024, after market close. The company will issue a press release but will not conduct conference calls to discuss the results due to its pending acquisition by Tapestry, Inc.
Capri Holdings (NYSE:CPRI) reported a 13.2% decrease in revenue for Q1 Fiscal 2025 compared to last year, totaling $1.07 billion. Adjusted operating margin stood at 1.5%, and adjusted earnings per share were $0.04. CEO John D. Idol acknowledged the disappointing results, attributing them to weak global demand for luxury goods. The company added 12.6 million new consumers across its brands. Despite challenges, Capri remains focused on its strategic initiatives and its pending acquisition by Tapestry, which faced an FTC lawsuit. Versace, Jimmy Choo, and Michael Kors all experienced revenue declines. Versace saw a 15.4% drop in revenue, Jimmy Choo's revenue fell by 5.5%, and Michael Kors' revenue decreased by 14.2%. Net loss was $14 million, compared to net income of $48 million the previous year. Cash flow from operations was $83 million, and net debt decreased to $1.50 billion.
Capri Holdings (NYSE: CPRI) has announced its plan to report first quarter fiscal 2025 financial results on Thursday, August 8, 2024, after market close. The report will be released via press release. Notably, due to the pending acquisition by Tapestry, Inc., Capri Holdings will not be holding conference calls to review its financial results in the future. This change in reporting practice marks a significant shift in the company's investor communication strategy, likely influenced by the ongoing acquisition process.
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