Global fashion luxury group Capri Holdings changed course this week as it announced the departure of Michael Kors CEO Joshua Schulman. The news of Schulman leaving Capri, which also owns Versace and Jimmy Choo, was accompanied by an announcement that Capri Chairman and CEO John D. Idol would remain at the helm. Shareholders did not respond well to the news; CNBC reported Capri Holdings shares fell 15% on Monday, March 7.
“At Capri Holdings, we are executing against our clear strategic vision for growing our three powerful fashion luxury brands and seeing strong results,” said Idol in a statement. “We remain well-positioned to achieve meaningful long-term revenue and earnings growth as well as deliver increased value for our shareholders. I am fully committed to continuing to lead Capri Holdings and driving our future success.”
Schulman’s appointment to the role of Michael Kors CEO was announced in August 2021. At the time, Schulman — the former President and CEO of Coach — was in line to succeed Idol as Capri CEO in September 2022. In addition to his role at Coach, Schulman has held key positions with luxury brands including Bergdorf Goodman, Jimmy Choo, Saint Laurent and Gucci.
Despite the negative shareholder reaction to these moves, Idol remains bullish about the company’s performance. “Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives,” Idol said. “The strategies that we put in place prior to the pandemic have been generating strong consumer demand and driving higher profitability as we continue to elevate brand positioning. The Board and I remain extremely optimistic about the future growth of Michael Kors and Capri Holdings.”
Advertisement
