Reported 1 day ago
Capri Holdings, the owner of Michael Kors, has revealed a gloomy revenue forecast for this financial year and 2026, projecting figures below Wall Street expectations due to declining luxury demand, particularly in Asia and the Americas. Shares dropped significantly as the company reported third-quarter profits that fell short of estimates. The luxury sector is struggling, with factors such as a property crisis in China and rising youth unemployment affecting consumer spending. Capri's net sales dropped 11.6%, and CEO John Idol criticized the brand's inability to meet the needs of selective consumers. The company is also exploring potential brand sales after its merger with Tapestry fell through.
Source: YAHOO