Capri Holdings, the parent company of renowned fashion brands Michael Kors, Versace, and Jimmy Choo, is shifting its focus back to China. After three years of travel restrictions, Capri Holdings’ executive team recently embarked on a trip to China, led by Chairman and CEO John Idol, with the aim of increasing the company’s strategic investment in the Chinese market. Accompanied by Patrick Lee, Capri Holdings’ Vice Chairman for the Asia Pacific region, as well as the CEOs of Versace, Jimmy Choo, and Michael Kors, the team held meetings with the Capri China management team, visited stores, and met with landlords across different cities in China.
Additionally, the luxury group organized a Michael Kors ‘Jet Set’ experience in Sanya on March 21st, showcasing its Spring/Summer collection to influential brand ambassadors, celebrities, and members of the media. This event served as a demonstration of the brand’s commitment to the Chinese market and its effort to attract Chinese consumers.
John Idol expressed his excitement about returning to China after a hiatus since January 2020. He praised the country’s beauty, rich history, and profound culture. Recognizing China’s significance in the global economy, he also noted the energy and enthusiasm among the Chinese people as they resume their daily lives. Idol emphasized that China represents a crucial long-term growth opportunity for Capri Holdings’ luxury brands – Versace, Jimmy Choo, and Michael Kors. The company plans to expand its investments in the country through new store openings and events.
Capri Holdings’ presence in China has faced challenges since the onset of the COVID-19 pandemic. However, the luxury group is optimistic that its renewed investment strategy will revive sales in the region. In the previous month, Capri had to revise its annual profit forecast due to a decline of nearly 18% in revenue from Asia, primarily driven by the end of China’s zero-COVID policy, which adversely affected store traffic.
Useful Links:
– Capri Holdings Official Website
– Michael Kors China Website
