Retail in Asia


Capri sees Versace Asia sales lift in Q2, Jimmy Choo, Michael Kors down

Capri Holdings Inc. announced on November 9 global revenues for the second quarter increased 8.6 percent, despite sales declines in Asia across its Jimmy Choo and Michael Kors brands, partially offset by a lift in Versace Asia sales.

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The New York-headquartered company said quarterly revenues globally grew to USD 1.41 billion, up nearly 9 percent. Net income grew to USD 224 million, or USD 1.63 per diluted share, from USD 200 million, or USD 1.30 per diluted share, in the prior year.

For the three months ending September 30, Versace Asia revenues increased 1.8 percent USD 58 million, from USD 57 million, but fell 9.8 percent year-to-date, to USD 111 million, compared to USD 123 million in the first half of 2021.

Jimmy Choo Asia revenues fell 2.3 percent to USD 42 during the quarter, and dipped 3.1 percent for the first half of 2022, to USD 94 million.

Source: Versace

Likewise, Michael Kors Asia revenues dipped 4.5 percent to USD 106 million during the quarter and plummeted 10.5 percent to USD 203 million during the six-month period ending October 1.

The lacklustre results in Asia were offset by regional gains in both EMEA and the Americas, across all three brands.

“Results were driven by momentum across all three of our luxury houses reflecting the power of Versace, Jimmy Choo and Michael Kors as well as the continued execution of our strategic initiatives,” said John Idol, the company’s chairman and chief executive officer.

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“Looking at the remainder of fiscal 2023, we are now taking a more cautious view with our revenue outlook due to an increasingly uncertain macroeconomic environment, foreign currency headwinds and the ongoing impact of Covid-related restrictions in China.”

The company expects total revenue of approximately USD 5.7 billion for fiscal 2023 and diluted earnings per share of approximately USD 6.85.