Michael Kors Reorganizes Leadership Team
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 ha annunciato una riorganizzazione della leadership in Michael Kors. John D. Idol, Presidente e CEO di Capri Holdings, assumerà il ruolo di CEO di Michael Kors. Philippa Newman, che è in azienda da oltre 14 anni, sarà promossa a Chief Product Officer a partire dal 2 dicembre 2024. Nel suo nuovo ruolo, Newman supervisionerà merchandising, produzione, licenze e design in tutte le categorie di prodotto. La riorganizzazione include iniziative di riduzione dei costi, portando alla partenza di Cedric Wilmotte. L'azienda punta a stabilizzare i ricavi, migliorare la produttività dei negozi e far crescere nuovamente il business all'ingrosso.
Capri Holdings anunció una reorganización del liderazgo en Michael Kors. John D. Idol, Presidente y CEO de Capri Holdings, asumirá el cargo de CEO de Michael Kors. Philippa Newman, que ha estado en la empresa durante más de 14 años, será promovida a Chief Product Officer a partir del 2 de diciembre de 2024. En su nuevo rol, Newman supervisará el merchandising, la producción, las licencias y el diseño en todas las categorías de productos. La reorganización incluye iniciativas de reducción de gastos, lo que llevó a la salida de Cedric Wilmotte. La empresa tiene como objetivo estabilizar los ingresos, mejorar la productividad de las tiendas y hacer crecer nuevamente el negocio mayorista.
카프리 홀딩스는 마이클 코르스의 리더십 재편성을 발표했습니다. 카프리 홀딩스의 회장 겸 CEO인 존 D. 아이돌이 마이클 코르스의 CEO 역할을 맡게 됩니다. 필리파 뉴먼은 14년 넘게 이 회사에서 근무해 온 후, 2024년 12월 2일부터 Chief Product Officer로 승진하게 됩니다. 뉴먼은 새로운 역할에서 모든 제품 범주에 대한 머천다이징, 생산, 라이센스 및 디자인을 감독합니다. 이번 재편성에는 비용 절감 이니셔티브가 포함되어 있으며, 세드릭 윌모트의 퇴사가 수반됩니다. 회사는 수익 안정화, 매장 생산성 향상 및 도매 사업의 성장을 목표로 하고 있습니다.
Capri Holdings a annoncé une réorganisation de la direction chez Michael Kors. John D. Idol, président et PDG de Capri Holdings, assumera le rôle de PDG de Michael Kors. Philippa Newman, qui est avec l'entreprise depuis plus de 14 ans, sera promue Chief Product Officer à compter du 2 décembre 2024. Dans son nouveau rôle, Newman supervisera le merchandising, la production, les licences et le design dans toutes les catégories de produits. La réorganisation comprend des initiatives de réduction des dépenses, entraînant le départ de Cedric Wilmotte. L'entreprise vise à stabiliser ses revenus, à améliorer la productivité des magasins et à relancer la croissance de son activité de gros.
Capri Holdings hat eine Neustrukturierung der Führung bei Michael Kors angekündigt. John D. Idol, Vorsitzender und CEO von Capri Holdings, wird die Rolle des CEO von Michael Kors übernehmen. Philippa Newman, die seit über 14 Jahren im Unternehmen ist, wird ab dem 2. Dezember 2024 zur Chief Product Officer befördert. In ihrer neuen Rolle wird Newman das Merchandising, die Produktion, Lizenzen und das Design in allen Produktkategorien überwachen. Die Neustrukturierung umfasst Kostensenkungsmaßnahmen, die zur Abberufung von Cedric Wilmotte führen. Das Unternehmen hat sich zum Ziel gesetzt, die Einnahmen zu stabilisieren, die Produktivität der Geschäfte zu verbessern und das Großhandelsgeschäft wieder wachsen zu lassen.
- Strategic reorganization to streamline operations and reduce expenses
- Unified leadership structure combining design, merchandising, production, and licensing
- Appointment of experienced internal leader (14+ years) as Chief Product Officer
- Current revenue instability requiring strategic intervention
- Departure of long-term executive Cedric Wilmotte
- Underperforming store productivity and wholesale business requiring turnaround
Philippa Newman Promoted to Chief Product Officer
Remains Focused on Returning to Growth
(Photo: Business Wire)
“I am excited to continue to partner with Michael, John and the leadership team to achieve our strategic objectives and reinvigorate the Michael Kors brand,” said Philippa Newman. “Michael Kors has strong brand equity and tremendous potential. I am confident that by consolidating design, merchandising, production, and licensing under a unified team we can more effectively execute our strategies, including delivering more targeted product to different consumer cohorts, in order to return Michael Kors to growth.”
Additionally, as part of its reorganization plans and expense reduction initiatives, the company announced that Cedric Wilmotte will leave the organization. John D. Idol, Chairman and Chief Executive Officer of Capri Holdings, said, “I would like to thank Cedric for his significant contributions over the last 16 years. We wish him all the best in his future endeavors.”
Mr. Idol continued, “As I stated on our recent investor call, we are moving quickly to implement strategic initiatives to stabilize revenues and return to growth. This reorganization reinforces Michael Kors’ plans to engage and energize both new and loyal consumers, create exciting fashion and core products with compelling value, improve store productivity and return our wholesale business to growth. Philippa is a dynamic leader with an exceptional breadth of experience developing compelling product for our consumers. I am confident that in her new role as Chief Product Officer for Michael Kors she will successfully lead the execution of our product transformation strategy and drive growth for Michael Kors across all channels.”
About Capri Holdings Limited
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 Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.
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 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 herein, 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. 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 identified in the Company's Annual Report on Form 10-K for the fiscal year ended March 30, 2024 filed with the Securities and Exchange Commission. Please consult these documents for a more complete understanding of these risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri 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/20241125542446/en/
Investor Relations:
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Source: Capri Holdings Limited
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