Capri warns of slowing demand for luxury
13/02/2024
Group revenue in the third quarter decreased 5.6% to $1.43 billion.
Versace revenue of $227 million decreased 8.8%, Jimmy Choo revenue of $166 million fell 1.2% and Michael Kors revenue of $1.03 billion was down 5.6%.
Capri CEO John Idol said: "Our performance in the third quarter continued to be impacted by softening demand for fashion luxury goods. However, sales trends improved sequentially in the third quarter, driven by better results in our own retail channel while sales in our wholesale channel remained challenged.”
He said the problems affecting the Michael Kors Americas Ecommerce implementation last quarter have now been resolved and the platform is running smoothly.
He added: "Versace, Jimmy Choo and Michael Kors continued to resonate with consumers as evidenced by the 10.7 million new consumers added across our databases, representing 13% growth versus last year. In fact, we achieved a new milestone, with our database surpassing 90 million customers. This reflects the strong brand equity and enduring value of our three iconic houses."
The group will complete its merger with Tapestry this year.
Share this story:
