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Capri Holdings’ Brands Extend and Expand Licensing Partnership With EuroItalia S.R.L.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Capri Holdings Limited (NYSE:CPRI) announced a significant licensing extension with EuroItalia for Versace fragrances, lasting 15 more years. Additionally, Michael Kors will enter a new 15-year agreement with EuroItalia, designating them as the exclusive worldwide fragrance licensee for both men’s and women’s products. This collaboration is expected to enhance the growth potential of the Michael Kors fragrance line. Capri's CEO John D. Idol emphasized the success of the Versace fragrance business and the importance of the partnership with EuroItalia.
Positive
15-year extension of Versace fragrance license with EuroItalia, enhancing long-term revenue.
New 15-year agreement for Michael Kors fragrances with EuroItalia, expected to drive business growth.
Negative
None.
LONDON--(BUSINESS WIRE)--
Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, is pleased to announce that Versace has extended its license agreement with EuroItalia, the Italy-based global fragrance and cosmetics company, for another 15 years. Additionally, Michael Kors and EuroItalia will enter into a 15-year agreement to make EuroItalia the exclusive worldwide men’s and women’s fragrance licensee for the Michael Kors brand.
Versace (Photo: Business Wire)
“We’re pleased to be extending Versace’s partnership with EuroItalia, a relationship that began in 2005 and has resulted in one of the largest designer luxury fragrance businesses in the world. EuroItalia is a valued partner and we’re confident that together we will continue to achieve success in the fragrance business,” said John D. Idol, Chairman and Chief Executive Officer of Capri Holdings. “We are also excited to expand the scope of our arrangement with EuroItalia to include Michael Kors. We believe there is great potential to further develop and grow the Michael Kors fragrance business and look forward to collaborating with EuroItalia to design fragrance products that continue to resonate with our consumers around the world.” Mr. Idol continued, “I want to thank Estee Lauder for their close partnership over the years.”
“We are proud of the success of Versace’s fragrance business and delighted to continue our partnership,” said Giovanni Sgariboldi, President of EuroItalia. “We are excited to be entering into this new partnership with Michael Kors, one of the most prestigious American luxury brands in the world. Our expertise in working with top fashion houses and designers makes this collaboration a perfect fit for both EuroItalia and Michael Kors. We look forward to further growing a business that embodies the glamorous and jet-set image for which the Michael Kors brand is known.”
About Capri Holdings Limited
Capri Holdings Limited is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship. Its brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and ready-to-wear as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products. The Company’s goal is to continue to extend the global reach of its brands while ensuring that they maintain their independence and exclusive DNA. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.
About EuroItalia:
EuroItalia is a global player of the beauty industry, a proud Italian company with a distinctly international outlook. It creates iconic fragrances and cosmetic products Made in Italy for its brands, working closely with luxury fashion houses. The company follows every stage of product development: from the creative concept to the fragrance selection, creation and development of innovative packaging design aligned with the brand’s identity. Committed to guarantee a selective distribution service, it adopts a multichannel marketing approach tailored specifically for each brand. EuroItalia distributes globally to over 140 Countries worldwide and is committed to acting responsibly to ensure the economic and environmental sustainability of its business.
Forward Looking Statements
This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdings Limited (the “Company”) about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included in this press release may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors are set forth in the reports that the Company files from time to time with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended March 27, 2021 (File No. 001-35368). Any forward-looking statement in this press release speaks only as of the date made and 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.
