Capri Holdings Limited
Capri Holdings Limited engages in the design, marketing, distribution, and retail of branded women's and men's apparel, footwear, and accessories in the United States, Canada, Latin America, Europe, the Middle East, Africa, Asia, and the Oceania. It operates through two segments: Michael Kors and Jimmy Choo. The company offers handbags, small leather goods, jewelry, scarves and belts, and footwear and related accessories through a distribution network, including retail stores, department and specialty stores, and licenses to wholesale customers, as well as e-commerce sites. It also undertakes licensing agreements relating to manufacture and sale of watches, jewelry, eyewear, and fragrances. The company was formerly known as Michael Kors Holdings Limited and changed its name to Capri Holdings Limited in December 2018. Capri Holdings Limited was founded in 1981 and is based in London, the United Kingdom.
What does it do?
Capri Holdings owns three famous fashion brands: Michael Kors, Versace, and Jimmy Choo. Think of Michael Kors handbags at the mall, Versace's bold gold-logo clothing on celebrities, and Jimmy Choo's high-heeled shoes on red carpets. They design the products, then sell them through their own stores, department stores like Nordstrom, and online. It's essentially a fashion conglomerate that bets on people wanting recognizable luxury labels.
Capri was at the center of a massive merger drama — Tapestry (owner of Coach and Kate Spade) tried to buy Capri for $8.5 billion in 2023, but US regulators blocked the deal in late 2024, sending Capri's stock crashing. Now the company is on its own, dealing with falling sales and a luxury market that has cooled sharply since the post-pandemic splurge. Investors are watching whether Capri can rebuild credibility and stabilize its brands without a buyout lifeline.
How does it make money?
Capri makes money by selling luxury handbags, shoes, clothing, and accessories under its three brand names. The vast majority of revenue — roughly $3.5 billion in the latest year — comes from Michael Kors, which is the mass-market luxury anchor of the group. Jimmy Choo and Versace are smaller but higher-prestige contributors. Revenue has dropped sharply from $4.4 billion the prior year, a decline of roughly 20%, reflecting weak consumer demand and the distraction of the failed merger.
Why do investors care?
The investment case is essentially a turnaround story: can Capri cut costs, revive its brands, and grow again without being acquired? Versace in particular has long been seen as an underperforming asset with huge untapped potential if managed well. For the story to work, consumer spending on affordable luxury needs to recover, Michael Kors needs to stop feeling like a discounted brand, and new leadership needs to execute a credible growth plan.
Deep Dive
MemberA full investor briefing on Capri Holdings Limited — history, leadership, risks, and outlook.