Capri Holdings has announced that Joshua Schulman is the new CEO of Michael Kors, effective immediately, and will take on the role of group CEO from September 2022.
Schulman joins the luxury fashion group from Tapestry, where he was president and CEO of the Coach brand from 2017 to 2020. Prior to that, he spent five years at Neiman Marcus Group, most recently as president of Bergdorf Goodman.
Schulman was also the CEO of Capri Holdings’ Jimmy Choo brand from 2007 to 2012, and earlier still in his career held various titles at brands including Yves Saint Laurent, Gucci and Gap.
Schulman will replace current group CEO John D. Idol who will move into the executive chairman role.
For now, Schulman will be responsible for all aspects of the Michael Kors brand globally, reporting directly to Idol.
John D. Idol to step down from CEO role at Capri Holdings
In what was another sign of the luxury industry’s recovery following the easing of lockdowns, Capri Holdings, which also owns Versace, upped its annual revenue forecast from 5.2 billion dollars to 5.3 billion dollars in July.
It came as the group reported a 178 percent increase in first-quarter revenue to 1.25 billion dollars, and net income of 219 million dollars, swinging from a loss of 180 million dollars a year earlier.
“I am delighted to join Capri as CEO of Michael Kors,” Joshua Schulman said in a release. “I have long admired Michael’s design vision and how the brand creates timeless fashion and embodies jet-set glamour. I look forward to working closely with him and the talented Michael Kors management team to build upon the long-standing success of the brand.”
Outgoing CEO Idol said: “The board and I are confident in Josh’s unique abilities to lead Capri Holdings. His results-driven leadership style and passion for building consumer-centric global brands will be instrumental in maximizing the full potential of our three luxury fashion houses.
“We believe our plan will allow for a smooth CEO transition next Fall. I look forward to partnering with Josh on the overall strategic direction for the group as well as on potential strategic acquisitions.”