Capri pledges to complete Tapestry deal as revenues decline
Capri Holdings, the parent company of Versace, Jimmy Choo and Michael Kors, has reported full-year revenues of just under $5.2 billion for the 12 months ending March 30, 2024.
This figure represents a decline of almost 8% compared to the group’s previous financial year.
Michael Kors contributed $3.5 billion towards the total, falling by 9.2% year on year. Revenues at Versace reached just over $1 billion, falling by 6.9%. At Jimmy Choo, total revenues for the year reached $618 million, down by 2.4%.
Chief executive, John Idol, said Capri Holdings was disappointed in the results. He said its performance continued to be impacted by softening demand globally for fashion luxury goods.
He said the group was still determined to complete its proposed acquisition of rival luxury group Tapestry, in spite of a block on the deal that the trade authorities in the US have imposed.
