Capri Holdings has cut its full-year outlook, pointing to inventory build-up and softer demand in the Middle East. The parent of Michael Kors, Jimmy Choo, and Versace posted a stronger first quarter but warned that the back half of the fiscal year will be harder.
Jimmy Choo offered a counterpoint, with executives flagging its casual shoe offer as a long-term growth opportunity in a dressier segment of the market.
The revision lands as the group works through the aftermath of its abandoned merger with Tapestry, a period that has forced sharper focus on each brand’s own numbers.
Inventory levels have crept up across the group’s wholesale channels, while the Middle East, a region that grew quickly for luxury after the pandemic, has cooled.
The market will now measure every quarter against the revised guidance, watching whether Michael Kors can stabilise and Versace can hold its creative momentum.
