Capri Holdings Announces 3-Year Partnership With the National Fish and Wildlife Foundation to Accelerate the Adoption of Regenerative Agriculture Practices in the United States

Rhea-AI Summary

Capri Holdings announces a 3-year partnership with the National Fish and Wildlife Foundation (NFWF) to promote sustainable practices in the leather industry. The initiative is expected to generate $3 million in conservation impact.

Positive

• Capri Holdings expects to generate $3 million in conservation impact through their partnership with NFWF. The initiative aims to improve 150,000 acres of U.S. grasslands and drive sustainability in the leather industry.

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• None.

First of its kind partnership seeks to improve 150,000 acres of U.S. grasslands to drive a more sustainable future for leather industry

LONDON--(BUSINESS WIRE)-- Capri Holdings (NYSE:CPRI), a global fashion luxury group, today announced a new 3-year partnership with the National Fish and Wildlife Foundation (NFWF) to accelerate the adoption of voluntary regenerative management and conservation practices in the United States, a key leather-sourcing region within the company’s supply chain. The initiative is expected to generate $3 million in on-the-ground conservation impact through $1.5 million in funding from Capri Holdings and matching contributions through NFWF. This first-of-its-kind partnership between NFWF and the fashion industry seeks to improve 150,000 acres of U.S. grasslands by working with private landowners and local partners to drive a more sustainable future for the leather industry, while helping to meet the company’s corporate social responsibility (CSR) commitments.

(Photo: Business Wire)

Through this partnership, Capri and NFWF will work to restore the health of critical grazing lands in the Northern Great Plains, Southern Great Plains and Rocky Mountain Rangelands. The goal of the partnership is to advance regenerative agriculture practices by improving the resiliency of ranching communities, while sequestering greenhouse gas emissions and restoring critical habitat for wildlife.

“Last year, we developed a comprehensive strategy to ensure that we go further, faster in lowering the impact of the leather used to craft our luxury accessories and footwear,” said John D. Idol, Chairman and Chief Executive Officer of Capri Holdings. “Our partnership with NFWF represents an extraordinary opportunity to tackle climate change and improve grasslands through a first-of-its-kind partnership between fashion and the nation’s largest private conservation fund. We are proud to partner with NFWF to accelerate regenerative agriculture practices, improve biodiversity and drive positive environmental and social impacts in the leather supply chain.”

About Capri Holdings

Capri Holdings is a global fashion luxury group consisting of iconic, founder-led brands Versace, Jimmy Choo and Michael Kors. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Capri Holdings is publicly listed on the New York Stock Exchange under the ticker CPRI.

For more information on Capri’s CSR program, visit CapriHoldings.com/CSR.

Forward Looking Statements

This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to the company’s operations and business environment, all of which are difficult to predict and many of which are beyond the company’s control. Forward-looking statements include information concerning the company’s goals, future plans and strategies, including with respect to CSR goals, initiatives and ambitions as well as the company’s possible or assumed future results, including descriptions of its CSR strategy. These statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “seek,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. The forward-looking statements contained in this press release are based on assumptions that the company has made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the company’s actual results and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the company’s Annual Report on Form 10-K for the fiscal year ended April 1, 2023 (File No. 001-35368), filed on May 31, 2023 with the SEC. The company disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230608005149/en/

Investor Relations:

Jennifer Davis

+1 (201) 514-8234

Jennifer.Davis@CapriHoldings.com

Media:

Dinesh Kandiah

+1 (917) 934-2427

Pess@CapriHoldings.com

Source: Capri Holdings

FAQ

What is Capri Holdings partnering with NFWF for?

Capri Holdings is partnering with NFWF to promote sustainable practices in the leather industry.

How much conservation impact is expected from the partnership?

The partnership is expected to generate $3 million in conservation impact.

What is the goal of the initiative?

The goal of the initiative is to improve 150,000 acres of U.S. grasslands and drive sustainability in the leather industry.