Michael Kors owner slashes full-year forecast after sales drag

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Michael Kors
// Michael Kors, Jimmy Choo and Versace parent company Capri Holdings cuts full-year sales forecast
// Luxury fashion group expects revenue of about £4.7bn for the current year, down from previous estimate of £4.8bn

Jimmy Choo and Versace parent company Capri Holdings has slashed its expected full-year sales revenue after its flagship Michael Kors fascia dragged sales.

The luxury fashion group said it expected revenue of about $6 billion (£4.7 billion) for the current year, down from its previous update of $6.1 billion (£4.8 billion).

Michael Kors’ revenue is forecast to be at $4.4 billion (£3.4 billion) while like-for-like store sales are expected to remain flat.

Meanwhile, Capri Holdings plans to expand Italian fashion house Versace, as well as increase strategic investments to bolster brand engagement.

It expects Versace’s revenue to be approximately $900 million (£712 million).

At Jimmy Choo, the firm plans to continue to innovate and grow its women’s footwear and accessories business and further expand the brand.

Capri Holdings expects Jimmy Choo’s revenue to be approximately $650 million (£514 million).

“Looking ahead, 2020 will be an investment year for our group, and we believe our initiatives will deliver strong revenue growth for Capri Holdings,” chairman and chief executive John D Idol said.

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