Revenues down at Capri Holdings, in spite of Jimmy Choo growth
In the immediate aftermath of the announcement of its acquisition by Tapestry, luxury group Capri Holdings published poor results for the first quarter of its current business year.
Its revenues for the three-month period ending July 1 were a little under $1.25 billion, a decline of 9.6% year on year.
Capri’s biggest brand, Michael Kors, reported revenues of $787 million, a fall of 13.8% compared to the same quarter last year.
Versace’s revenues were $259 million, a decline of 5.8% year on year.
There were positive figures from the group’s third brand, Jimmy Choo. The footwear brand registered revenues of $183 million for the quarter, which represented an increase of 6.4% year on year.
Subject to approval from shareholders and regulatory authorities, Tapestry expects to complete its acquisition of Capri Holdings in the course of 2024.
