By Jarrett Banks
Capri Holdings Ltd., which owns Versace and Jimmy Choo as well as Michael Kors, posted an increase in quarterly revenue despite retail headwinds.
Revenue increased 8.5% in first quarter of fiscal 2023, with better than anticipated results across all three luxury houses, the company said in a statement.
Gross profit was $901 million and gross margin was 66.3%, compared to $856 million and 68.3% in the prior year, it said.
“We remain optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors,” said John D. Idol, the Company’s Chairman and Chief Executive Officer. “With our portfolio of iconic, founder-led fashion luxury brands, Capri Holdings is positioned to deliver multiple years of revenue and earnings growth.”