Revamped leadership aims to steer Michal Kors to growth
Capri Holdings, owner of Versace, Jimmy Choo and Michael Kors, has reorganised its leadership so group CEO John Idol will become CEO of Michael Kors and Philippa Newman will be promoted to chief product officer.
Ms Newman joined Michael Kors 14 years ago and is currently president of accessories and footwear.
In the new role, she will oversee merchandising, production, licensing and design across all product categories, in partnership with chief creative officer Michael Kors.
She said: “I am confident that by consolidating design, merchandising, production and licensing under a unified team we can more effectively execute our strategies, including delivering more targeted product to different consumer cohorts, in order to return Michael Kors to growth.”
Mr.Idol said: “This reorganisation reinforces Michael Kors’ plans to engage and energise both new and loyal consumers, create exciting fashion and core products with compelling value, improve store productivity and return our wholesale business to growth.”
Earlier this month, Capri and Tapestry’s merger was blocked by the US Federal Trade Commission, which said it would be bad for consumers. Tapestry has agreed to reimburse Capri Holdings for expenses incurred to the tune of around $45 million.
