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Capri Holdings’ latest earnings call on February 5 painted a picture of a company course-correcting after pricing missteps at Michael Kors, while Versace and Jimmy Choo leaned further into quiet luxury strategies. It was also the first earnings call after the merger between Tapestry and Capri fell through in November.
“The merger was highly distracting for the management team, and we didn’t have as much time to focus on long-term strategies,” Capri Holdings CEO John Idol said on the call. “Now, we’re fully engaged in repositioning our brands.”
Revenue for Michael Kors fell to $2.75 billion for the full year, down from $3 billion last year. Its Americas revenue, which made up 68% of total sales in 2024, dropped 10%, while Asia fell 27%. The company posted a $547 million net loss, driven by a $602 million non-cash impairment charge. The brand’s attempt to push higher price points on handbags and ready-to-wear backfired, forcing it into a more promotional stance to win back its core customer.
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