Capri Holdings
- NYSE: CPRI
- S&P 400 component
- John D. Idol (Chairman and CEO)
- Apparel
- handbags
- footwear
- watches
- accessories
- Versace
- Jimmy Choo
- Michael Kors
[2]
Capri Holdings Limited (formerly Michael Kors Holdings Limited) is a multinational fashion holding company, incorporated in the British Virgin Islands,[3] with executive offices in London[3] and operational offices in New York. It was founded in 1981 by American designer Michael Kors.[4] The company sells clothes, shoes, watches, handbags, and other accessories. In 2015, the company had more than 550 stores and over 1,500 in-store boutiques in various countries.[5][6]
Capri is the parent company of Kors' eponymous brand, as well as Versace and Jimmy Choo. Capri is presently undergoing an acquisition by Tapestry, owner of Coach New York and Kate Spade, which if approved by regulators, would buy Capri for $8.5 billion.[7][8]
Background
Founder Michael Kors enrolled at the Fashion Institute of Technology in New York City in 1977, but dropped out after nine months.[9] Taking a job as a sales person at a boutique called Lothar's across from Bergdorf Goodman on 57th Street in Midtown Manhattan, he later became both the designer and visual display head for the store.
History
Noticing the displays and garments, Bergdorf's fashion director Dawn Mello asked if he would show his collection to Bergdorf Goodman's buyers.[10] In 1981, Kors launched his Michael Kors women's label at Bergdorf Goodman. In 1990, the company launched KORS Michael Kors as a licensee.
In 1993, the company was forced into a Chapter 11 filing, caused by the closure of the licensing partner for KORS Michael Kors. Putting the KORS line on hold, he designed for other labels before relaunching in 1997 with a lower-priced line, and in the same year was named the first women's ready-to-wear designer for French house Celine.[11]
In 2002, Kors launched his menswear line. Kors left Celine in October 2003 to concentrate on his own brand via holding company Michael Kors Holdings Limited (MKH Ltd), relaunched with a majority $100 million investment from Canadian fashion investor Lawrence Stroll and his Hong Kong-based partner Silas Chou, who had previously purchased Tommy Hilfiger in 1989.[12][13] John D. Idol was subsequently appointed CEO of the company, with a shareholding interest. The MICHAEL Michael Kors line was launched in 2004, which included women's handbags and shoes as well as women's ready-to-wear apparel.
In 2011, Stroll and Chou led an initial public offering in MKH Ltd on to the New York Stock Exchange, making them and Michael Kors billionaires.[14] In June 2018, Chou sold the last of his investment in Kors.[13]
Tapestry, Inc. agreed to acquire Capri for $8.5 billion in August 2023. In April 2024, the U.S. Federal Trade Commission sued to block the acquisition citing reduced competition between their brands, like Coach and Michael Kors, in the affordable luxury handbag market. It was also concerned that the deal would negatively impact hiring of workers and their wages. Responding to the suit, Tapestry and Capri said they would fight it in court with the aim of closing the transaction by the end of 2024.[15][16]
Operations
By 2014, the annual revenue for the company was $3.2 billion, with a net income of $670 million.[17] By April 2017, the company had 827 full-price or outlet stores and 133 licensed stores.[18] Since 2017, the company said that it would no longer use animal fur in any of its products.[19] In 2018, Michael Kors announced two new stores, one in Waterloo, New York,[20] as well as one in the Fairview Park Mall in Kitchener, Ontario.
Purchases: Jimmy Choo, Versace
In July 2017, MKH Ltd bought Jimmy Choo Ltd for £897 million.[21] In September 2018, MKH Ltd announced a deal to take over Versace. The Italian fashion group was valued at $2.1 billion.[22] Capri Holdings has planned to up Versace's global retail footprint from approximately 200 to 300 stores.[23] On January 2, 2019 after closing the deal, the company was renamed to Capri Holdings.[24][25]
Trademark protection
In Canada, there had been multiple counterfeit Michael Kors bags, wallets, and other items in Montreal, Quebec. In an attempt to end the counterfeit production and to enforce trademark rights, the brand commenced actions against a major network of counterfeit suppliers and vendors, and raided multiple locations throughout the Greater Montreal Area in 2015.[26]
References
- ^ "Capri Holdings Investor FAQs". Retrieved June 7, 2020.
- ^ "FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. May 29, 2024.
- ^ a b "Capri Holdings Limited - Overview". www.capriholdings.com.
- ^ "Shares of Michael Kors as Hot as Its Wares". The New York Times. February 14, 2012. Retrieved January 4, 2015.
- ^ "Michael Kors plans rapid expansion with 45 more North American stores". FierceRetail. Retrieved January 4, 2015.
- ^ "Michael Kors Dubai". malloftheemirates.com. Archived from the original on February 13, 2014. Retrieved June 1, 2016.
- ^ Fonrouge, Melissa Repko,Gabrielle (August 10, 2023). "Coach owner Tapestry to acquire Michael Kors, Jimmy Choo parent Capri Holdings for $8.5 billion". CNBC. Retrieved August 10, 2023.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ Venugopal, Aishwarya (August 10, 2023). "Coach owner's Michael Kors deal creates US giant to take on European luxury rivals". Reuters. Retrieved August 10, 2023.
- ^ Infomat Michael Kors Biography Archived January 14, 2010, at the Wayback Machine, Infomat.com, September 10, 2009
- ^ "Michael Kors: Retail's next billion-dollar man". cnn.com.
- ^ The Michael Kors Story Archived July 29, 2017, at the Wayback Machine, December 11, 2012
- ^ "Silas Chouis One of the 500 People Shaping the Global Fashion Industry". businessoffashion.com. Retrieved September 26, 2018.
- ^ a b "How tycoon Silas Chou made a fortune from two global brands". ejinsight.com. November 8, 2016. Retrieved September 26, 2018.
- ^ "Michael Kors Is Fashion's Newest Billionaire". Forbes. January 2014.
- ^ D'Innocenzio, Anne (April 23, 2024). "Federal Trade Commission sues to block Tapestry's $8.5B acquisition of Capri". Associated Press.
- ^ Repko, Melissa (April 22, 2024). "FTC sues to block Coach parent Tapestry's acquisition of Capri Holdings". CNBC. Retrieved April 23, 2024.
- ^ "Form 10-K". www.sec.gov. Retrieved May 2, 2015.
- ^ "Michael Kors to close up to 125 stores as luxury retail woes deepen". USA Today. Retrieved September 18, 2017.
- ^ "Michael Kors Holdings Limited Adopts Fur-Free Policy," Michael Kors Holdings news release, 15 December 2017.
- ^ "Michael Kors to open in Waterloo". Rochester Democrat and Chronicle. Retrieved March 30, 2018.
- ^ BBC News (July 25, 2017). "Jimmy Choo bought by Michael Kors in £896m deal". BBC.co.uk. Retrieved July 25, 2017.
- ^ Dalton, Matthew; Kapner, Suzanne (September 24, 2018). "Michael Kors Woos Versace in Push for Foothold in High Fashion". The Wall Street Journal. ISSN 0099-9660. Retrieved September 25, 2018.
- ^ Newbold, Alice (January 2, 2019). "Michael Kors Holdings Ltd Begins 2019 As Capri Holdings". British Vogue. Retrieved May 19, 2020.
- ^ "Versace fashion house bought by Michael Kors for $2.1bn to make super group". Sky News. Retrieved September 25, 2018.
- ^ "Michael Kors Holdings Limited to Be Renamed Capri Holdings Limited". investors.michaelkors.com. Retrieved September 25, 2018.
- ^ "Luxury brand Michael Kors strikes back at Quebec counterfeiters". The Globe and Mail. April 23, 2015. Retrieved May 2, 2015.
External links
- Official website
- Business data for Capri Holdings Limited:
- Bloomberg
- Reuters
- SEC filings
- Yahoo!
- v
- t
- e
- Antero Midstream
- Antero Resources
- ChampionX
- Chesapeake Energy
- Chord Energy
- Civitas Resources
- CNX Resources
- DT Midstream
- Equitrans Midstream
- HF Sinclair
- Matador Resources
- Murphy Oil
- Nov
- Ovintiv
- PBF Energy
- Permian Resources
- Range Resources
- Southwestern Energy
- Valaris Limited
- Weatherford International
- Alcoa
- AptarGroup
- Arcadium Lithium
- Ashland Global
- Avient
- Axalta
- Berry Global
- Cabot Corp
- Chemours
- Cleveland-Cliffs
- Commercial Metals
- Crown Holdings
- Eagle Materials
- Graphic Packaging
- Greif, Inc.
- Knife River Corporation
- Louisiana-Pacific
- MP Materials
- NewMarket Corporation
- Olin
- Reliance Steel & Aluminum Co.
- Royal Gold
- RPM International
- Scotts Miracle-Gro Company
- Silgan Holdings
- Sonoco
- U.S. Steel
- Westlake
- Acuity Brands
- Advanced Drainage Systems
- AECOM
- AGCO
- ASGN Inc.
- Avis Budget Group
- Brink's
- BWX Technologies
- CACI International
- Carlisle Companies
- Chart Industries
- Clean Harbors
- Comfort Systems USA
- Concentrix
- Core & Main
- Crane
- Curtiss-Wright
- Donaldson
- Emcor
- EnerSys
- ESAB
- EXL Service
- Exponent, Inc.
- Flowserve
- Fluor
- Fortune Brands Innovations
- FTI Consulting
- GATX
- Genpact
- Graco
- GXO Logistics
- Hertz
- Hexcel
- Insperity
- ITT
- KBR
- Kirby
- Knight-Swift
- Landstar System
- Lennox International
- Lincoln Electric
- ManpowerGroup
- MasTec
- Maximus Inc.
- MDU Resources
- Middleby
- MSA Safety
- MSC Industrial Direct
- nVent Electric plc
- Oshkosh
- Owens Corning
- Paylocity
- RBC Bearings
- Regal Rexnord
- Ryder
- Saia
- Science Applications Intl Corp
- Sensata Technologies
- Simpson Manufacturing Company
- Stericycle
- Sunrun
- Terex
- Tetra Tech
- Timken
- The Toro Company
- Trex
- UFP Industries
- Valmont
- Watsco
- Watts Water Technologies
- Werner Enterprises
- WESCO International
- Woodward
- XPO, Inc.
Discretionary
- Adient
- Aramark
- Autoliv
- AutoNation
- Boyd Gaming
- Brunswick
- Burlington
- Capri Holdings
- Carter's
- Choice Hotels
- Churchill Downs Inc.
- Columbia Sportswear
- Crocs
- Deckers Brands
- Dick's Sporting Goods
- Duolingo
- Five Below
- Floor & Decor
- Fox Factory
- GameStop
- Gap
- Gentex
- Goodyear Tire & Rubber
- Graham Holdings
- Grand Canyon Education
- H&R Block
- Harley-Davidson
- Helen of Troy Limited
- Hilton Grand Vacations
- Hyatt
- KB Home
- Lear
- Leggett & Platt
- Light & Wonder
- Lithia Motors
- Macy's
- Marriott Vacations Worldwide
- Mattel
- Murphy USA
- Nordstrom
- Ollie's Bargain Outlet
- Penn Entertainment
- Penske Automotive Group
- Planet Fitness
- Polaris
- PVH
- RH
- Service Corp Intl
- Skechers
- Taylor Morrison
- Tempur Sealy
- Texas Roadhouse
- Thor Industries
- Toll Brothers
- TopBuild Corp.
- Travel + Leisure Co.
- Under Armour (Class A)
- Under Armour (Class C)
- Vail Resorts
- Valvoline
- Visteon
- Wendy's
- Williams-Sonoma
- Wingstop
- Wyndham Hotels & Resorts
- Yeti Holdings
Staples
- BellRing Brands
- BJ's Wholesale Club
- Boston Beer Company
- Casey's General Stores
- Celsius Holdings
- Coca-Cola Consolidated
- Coty
- Darling Ingredients
- e.l.f. Beauty
- Flowers Foods
- Grocery Outlet
- Ingredion
- Lancaster Colony Corp
- Performance Food Group
- Pilgrim's Pride
- Post Holdings
- Sprouts Farmers Market
- US Foods
- Acadia Healthcare
- Amedisys
- Arrowhead Pharmaceuticals
- Azenta
- Bruker
- Chemed Corp.
- Doximity
- Encompass Health
- Enovis
- Envista Holdings
- Exelixis
- Globus Medical
- Haemonetics
- Halozyme
- HealthEquity
- Inari Medical
- Integra Lifesciences Holdings
- Jazz Pharmaceuticals
- Lantheus Holdings
- LivaNova
- Masimo
- Medpace
- Neogen
- Neurocrine Biosciences
- Option Care Health
- Penumbra
- Perrigo
- Progyny
- QuidelOrtho
- R1 RCM
- Repligen
- Shockwave Medical
- Sotera Health
- Tenet Healthcare
- United Therapeutics
- Affiliated Managers Group
- Ally Financial
- American Financial Group
- Annaly Capital Management
- Associated Bank
- Bank OZK
- Brighthouse Financial
- Cadence Bank
- Carlyle Group
- CNO Financial Group
- Columbia Banking System
- Commerce Bancshares
- East West Bancorp
- Equitable Holdings
- Erie Indemnity
- Essent Group Ltd.
- Euronet Worldwide
- Evercore
- Federated Hermes
- Fidelity National Financial
- First American
- First Financial Bankshares
- First Horizon
- FirstCash
- FNB Corporation
- Frost Bank
- Glacier Bancorp
- Hancock Whitney
- Hanover Insurance
- Home BancShares
- Houlihan Lokey
- Interactive Brokers
- Intl Bancshares Corp
- Janus Henderson
- Jefferies
- Kemper
- Kinsale Capital Group
- MGIC Investment Corporation
- Morningstar, Inc.
- New York Community Bank
- Old National Bank
- Old Republic International
- Pinnacle Financial Partners
- Primerica
- Prosperity Bancshares
- Reinsurance Group of America
- RenaissanceRe
- RLI
- SEI
- Selective Insurance Group
- SLM Corp
- South State Bank
- Starwood Property Trust
- Stifel
- Synovus
- Texas Capital Bancshares
- UMB Financial Corp.
- United Bankshares
- Unum
- Valley Bank
- Voya Financial
- Webster Bank
- Western Union
- WEX Inc.
- Wintrust
Technology
- Allegro MicroSystems
- Amkor Technology
- Arrow Electronics
- Aspen Technology
- Avnet
- Belden
- Blackbaud
- Calix
- Ciena
- Cirrus Logic
- Cognex
- Coherent Corp.
- CommVault Systems
- Crane NXT
- Dolby
- Dropbox
- Dynatrace
- GoDaddy
- IPG Photonics
- Kyndryl
- Lattice Semiconductor
- Littelfuse
- Lumentum Holdings
- MACOM Technology Solutions
- Manhattan Associates
- MKS Instruments
- Novanta
- Onto Innovation
- Power Integrations
- Pure Storage
- Qualys
- Rambus
- Silicon Labs
- Supermicro
- Synaptics
- TD Synnex
- Teradata
- Universal Display
- Vishay
- Vontier
- Wolfspeed
- Agree Realty
- Apartment Income REIT
- Brixmor Property Group
- COPT Defense Properties
- Cousins Properties
- CubeSmart
- EastGroup Properties
- EPR Properties
- Equity Lifestyle Properties
- First Industrial Realty Trust
- Gaming and Leisure Properties
- Healthcare Realty Trust
- IRT Living
- Jones Lang LaSalle
- Kilroy Realty Corp
- Kite Realty Group Trust
- Lamar Advertising Company
- Medical Properties Trust
- National Storage Affiliates Trust
- NNN Reit
- Omega Healthcare Investors
- Park Hotels & Resorts
- Physicians Realty Trust
- PotlatchDeltic
- Rayonier
- Rexford Industrial Realty
- Sabra Health Care REIT
- STAG Industrial
- Vornado Realty Trust
- W. P. Carey