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Versace Appoints Cedric Wilmotte as Interim Chief Executive Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Capri Holdings Limited (NYSE:CPRI) has appointed Cedric Wilmotte as the Interim Chief Executive Officer of Versace, effective January 17, 2021. Mr. Wilmotte will work alongside Donatella Versace, Chief Creative Officer, to implement the brand's strategic initiatives until December 31, 2022. With extensive luxury retail experience, including a 13-year tenure at Michael Kors, Mr. Wilmotte is expected to drive Versace's growth strategy. The search for a permanent CEO follows the upcoming departure of Jonathan Akeroyd on March 31, 2022.
Positive
Wilmotte's extensive luxury retail experience may lead to strengthened leadership at Versace.
Continued execution of Versace's strategic initiatives is expected under Wilmotte's guidance.
Negative
The departure of Jonathan Akeroyd raises concerns about leadership continuity.
Transitional leadership may create operational uncertainties during the interim period.
LONDON--(BUSINESS WIRE)--
Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced the appointment of Cedric Wilmotte as Interim Chief Executive Officer of Versace, effective January 17, 2021. Mr. Wilmotte will report to John D. Idol, Chairman and Chief Executive Officer of Capri Holdings.
(Photo: Business Wire)
Mr. Wilmotte will serve as the Interim Chief Executive Officer of Versace through December 31, 2022, during which time he will partner closely with Donatella Versace, Chief Creative Officer, and the leadership team to continue executing the brand’s clearly-defined strategic initiatives.
Mr. Wilmotte brings with him many years of luxury retail experience, including a 13-year tenure with Michael Kors as the President of the EMEA region. Prior to joining Michael Kors in 2008, Mr. Wilmotte held leadership positions with Marc Jacobs in Paris from 2004 to 2008 and Donna Karan in New York, London and Milan from 1998 to 2004.
John D. Idol, Chairman and Chief Executive Officer of Capri Holdings, said “I am thrilled to have Cedric in this role as he has an exceptional breadth of luxury retail expertise. Cedric did an outstanding job leading the Michael Kors brand in EMEA. I am confident that under his leadership, Versace will be able to continue to execute on its growth strategy and build upon the brand’s incredible momentum.”
Capri Holdings will continue to conduct a search for a permanent replacement for Jonathan Akeroyd, departing Chief Executive Officer of Versace, who will leave the brand on March 31, 2022.
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.
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.
