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Capri Revenues Fall in Q1 as Debt Subsides
['Joe Bobowicz']
Vogue
Michael Kors remained the weaker link, with revenues down 7.6% year-on-year to $590 million on a constant basis.
Jimmy Choo revenues increased 9.3% to $179 million.
Jimmy Choo witnessed growth across categories, regions, and channels, which the company attributed to its marketing and product developments.
For Michael Kors, a reduction in markdowns and momentum in full-price selling — although a long-term aim to improve the brand’s foundation — negatively impacted revenues.
The company forecasts that Michael Kors will return to growth in the back half of the year, while Jimmy Choo returns to profitability.