Versace and Michael Kors parent Capri Holdings Ltd on Friday raised its annual revenue forecast from 5.2 billion dollars to 5.3 bn dollars. The US-based conglomerate navigated the pandemic like most luxury giants, seeing a positive growth in sales of its accessories and ready-to-wear collections at the start of 2021.
The company said revenue was up 178 percent, with better than anticipated results across all three houses, which includes Jimmy Choo. Sell thru improved significantly with companies holding 20 percent less inventory in comparison to the pandemic year.
Versace, Jimmy Choo, Michael Kors beat revenue expectations
John D. Idol, Capri Holdings chairman and CEO, said: “We were pleased by our first-quarter performance which reflected the strength of Capri Holdings’ three global fashion luxury houses, Versace, Jimmy Choo and Michael Kors.
“All of our luxury houses significantly exceeded our revenue and earnings expectations for the quarter, as they continued to deepen consumer desire and engagement. As a result of this encouraging start to the year, we are raising our Fiscal 2022 revenue and earnings outlook.”
“Looking forward, we are confident in the growth opportunities for Versace, Jimmy Choo and Michael Kors as the world continues to recover from the impact of the global pandemic. As we execute on our strategic initiatives, Capri Holdings is positioned to deliver multiple years of revenue and earnings growth.”
Reuters reported Capri Holdings’ shares gained 1.9 percent in pre-market trading.