Luxury group Capri, owner of Michael Kors and Jimmy Choo, is “pleased” with its second-quarter results, which show trends are improving, despite revenue falling 3% to $856 million.

The group’s sale of Versace is expected to close in the third quarter, when it will use the proceeds to repay most of its debt, strengthening the balance sheet and provide flexibility to invest in growth or return capital to shareholders.

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