Capri Holdings, owner of renowned fashion labels such as Versace, Jimmy Choo and Michael Kors, has raised its full-year profit forecast.
Expectedly so, following an impressive sales performance by all of its brands.
While Versace was the best of the lot with sales surpassing US $ 1 billion in annual sales, Michael Kors saw its sales surge by 35 per cent. Jimmy Choo too witnessed a whopping 47 per cent jump in annual sales.
Region-wise, Capri gained big in the Americas, where the Q4 revenue, in particular, rose by 81 per cent. EMEA too was good with a 30 per cent rise. However, Asia saw a fall of 5 per cent, mainly due to lockdown-induced challenges in China.
Prices have gone up across all three brands as Capri focuses on increasing the luxury positioning. However, it’s noteworthy that demand for Michael Kors is maintained despite increase in its prices.
Capri now expects total revenue to rise by 5 per cent to US $ 5.95 billion in 2023, and now that lockdowns begin to lift in China, the numbers could improve.
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.
