Capri Holdings, which owns reputed fashion brands such as Versace, Jimmy Choo and Michael Kors, has raised its annual forecast.
This didn’t come as a surprise especially after the fashion holding company saw its Q1 revenue and profit beat all expectations.
The Q1 witnessed Capri Holdings’ revenue surged by a massive 178 per cent to clock £8.9 million – all thanks to impressive show by Versace, Jimmy Choo and Michael Kors.
Notably, while sales at Michael Kors jumped by 184 per cent, sales at Jimmy Choo and Versace, respectively, rose by 178 per cent and 158 per cent.
Following its forecast of generating annual revenue £3.66 billion a month back, the company has now raised the same to £3.8 billion.
But it hasn’t come without a warning! Capri Holdings has said that the fast growing Delta variant could play the spoilsport and hit the numbers significantly.
The company has also predicted its annual adjusted profit to be around £3.24 per share – more than £2.74 to £2.81 range forecast previously.
Founded in 1981, the company is known for selling apparels, shoes, handbags and fashion accessories, amongst others. It generated US $ 4.71 billion in 2018. It has executive offices in London and operational offices in New York.