Versace Owner Capri Holdings’ 1Q Revenue Climbs – ExecEdge
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Versace Owner Capri Holdings’ 1Q Revenue Climbs
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Versace Owner Capri Holdings’ 1Q Revenue Climbs

 

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.”

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