Versace and Jimmy Choo made huge progress in accessories in the latest quarter at Capri Holdings, but with 150 out of the group's 225 Chinese stores currently closed, it still faces challenges, its CEO said.
The owner of the Michael Kors brand beat analysts’ expectations with the announcement of solid growth in both sales and earnings in the third quarter on Wednesday but dampened the news by reducing its annual guidance.
Capri Holdings faced some challenges in Q2 but the company is upbeat about the prospects for its trio of power brands as Versace gains traction, Michael Kors returns to positive comparable sales and Jimmy Choo expands.
The fashion brand has announced that it is launching a digital flagship on Tmall. The storefront will also be featured on the Tmall Luxury Pavilion, the platform set up by Alibaba Group to host luxury and premium brands.
The Michael Kors brand has announced its intention to make two-thirds of the staff at its French HQ redundant, a plan which, FashionNetwork.com has learnt, was validated by French labor authority Direccte on May 2.
Michael Kors is stepping down from his role as a director and executive officer of Capri Holdings, and will reportedly will stay on as honorary chairman and chief creative officer for his namesake brand.
Versace went to the stock market Friday night in Milan, for a runway show and not a flotation. Referencing all the house's codes and starring two generations of uber models, this was a great performance from Donatella.