European acquisition ambitions for Capri
The chief executive of Capri Holdings, John Idol, laid out his ambitions for the group during a recent investors’ day meeting.
He said he aims to achieve group turnover of $8 billion in the years to come, compared to a little over $5.6 billion in the year ending April 2, 2022.
He suggested the Michael Kors brand can grow its revenues from last year’s $3.9 billion to $5 billion, that Versace has the potential to reach $2 billion (from just over $1 billion), and Jimmy Choo $1 billion (compared to $613 million in the most recent full-year figures).
After achieving this revenue target with Capri’s three existing brands, Mr Idol said the group would seek to acquire a fourth brand, adding that it would be a luxury brand with turnover of $500 million at the time of acquisition but with potential to grow this to $1 billion.
He said: “We believe that around three companies will be available in the next two-to-five years. Most of them are private luxury companies in Europe.”
