The Versace store in Beverly Hills. With its acquisition of Versace, the company now named Capri is getting a year-old Italian house with an international presence and pop-culture relevance. By Associated Press. Associated Press. More From the Los Angeles Times. Business SpaceX crew launch marks space travelers in 60 years. Business Hot inflation report slams bond market, sends stocks lower. Technology Justice Department sues Uber over wait-time fees charged to disabled passengers. The retailer also ended the quarter with 1, stores, or Michael Kors, Jimmy Choo and Versace locations.
Idol said increased clienteling services have also helped drive growth. Capri Holdings will host an Investor Day on June 29 to discuss its future initiatives. For Michael Kors, we recalibrated our plans to further elevate the brand positioning and deliver higher profit margins.
As the world starts to recover from the pandemic, we are confident in our growth opportunities for Versace, Jimmy Choo and Michael Kors. We believe our three luxury houses position Capri Holdings to deliver multiple years of revenue and earnings growth, as well as increase shareholder value. Shares of Capri Holdings are up nearly percent, year-over-year. Here's where the confusion lies.
Fans of the iconic Italian brand, which became beloved stateside when Gianni Versace moved into the Versace Mansion and changed the face of American style in the late '80s and '90s, are terrified of what's to come due to Kors' influence on the brand. Michael Kors is known for easy, breezy, American style—not the sexy, risk-taking, ultra-luxe Italian allure upon which Versace is based. Furthermore, Kors' success is based upon his licensing and diffusion brands, like Michael Michael Kors, as well as his fragrance, timepieces, and accessories partnerships.
It seems fans are worried this kind of market saturation could be next for Versace, which currenly only has one sister line, Versus Versace , to its name. But similar to Jimmy Choo's agreement with Kors Holdings, Donatella Versace will continue to remain at the helm of her namesake brand, leading the brand's creative vision.
Said Versace of the news, "This is a very exciting moment for Versace. It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra.
I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential.
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