Capri Holdings eyes China with strategic investment increase
Capri Holdings, the owner of Michael Kors, Versace and Jimmy Choo, is setting its sights on China once again.
Following three years of travel restrictions, the company’s executive team including chairman and CEO John Idol traveled to China this week with the aim to increase its strategic investment in the market.
Idol, alongside Patrick Lee, Capri Holdings’ vice chairman, Asia Pacific, and the CEO’s of Versace, Jimmy Choo, and Michael Kors, attended meetings with the Capri China management team, visited stores, and met with landlords, across numerous cities in China.
The U.S. luxury group equally hosted a Michael Kors 'Jet Set' experience in Sanya on Tuesday March 21. Alongside its three brand ambassadors, celebrities and media attended the event at the Hainan resort, highlighting the brand’s Spring/Summer collection and signalling to Chinese consumers the brand’s commitment to the market.
“It is wonderful to be back in China for the first time since January 2020 to once again experience the country’s beauty, long history and profound culture firsthand. Given the importance of China on the global economy, it has been encouraging to see the level of energy and excitement among the Chinese people as they return to their normal daily life,” said Idol.
“China is an important long-term growth opportunity for our three luxury houses, Versace, Jimmy Choo and Michael Kors. We will continue to increase our strategic investments in the country, including new stores openings and events […]”
Capri’s China presence has fluctuated since the beginning of the pandemic, but the U.S. luxury group is hoping to reignite sales in the region with the new investment strategy.
Last month, Capri cut its annual profit forecast. Revenue from Asia for Michael Kors, Capri’s biggest brand, dropped nearly 18% in its third quarter, as China’s decision to end its zero-Covid policy late last year, ultimately hurt store traffic.
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