Retail in Asia

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Capri to reopen global stores

Capri Holdings Limited, a global fashion luxury group, provided details on the company’s phased reopening plan for its global store operations.

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John Idol, the company’s Chairman and Chief Executive Officer, said, “As we reopen our stores around the world, we are prioritizing the health and safety of our employees, customers and communities. We are taking a prudent and measured approach to reopening our stores to ensure all necessary precautions are in place while maintaining the exceptional in-store experience our customers expect from our luxury houses. I want to thank our teams around the globe for the hard work and dedication they demonstrate every day. I am incredibly proud of our entire organization as they support each other and their communities during this unprecedented time.”

Mr. Idol continued, “The COVID-19 pandemic has profoundly impacted our lives and our business in ways we could not have anticipated. We have a portfolio of three iconic, founder-led fashion luxury houses that continue to inspire passion and enthusiasm with their customers. As the world emerges from the global shutdown we believe our consumers will once again express themselves through fashion and luxury. We remain confident and optimistic about the long-term opportunities for each of our unique luxury houses.”

The company has begun to resume store operations globally in accordance with local government’s reopening plans while following the health and safety protocols of local authorities and public health organizations. Currently, slightly more than half of the company’s global retail fleet of stores are open.

All Versace, Jimmy Choo and Michael Kors stores in the Americas and EMEA closed in mid-March 2020. Currently, less than 15% of the 455 retail stores in the Americas and  almost 60% of the 318 retail stores in EMEA are open. Capri anticipate having the majority open by early July 2020. In EMEA, sales at reopened stores are approximately 50% of prior year volumes since reopening as compared to the same period last year.

In Greater China, the company began closing stores in late January 2020. Today, all of the 288 stores in Greater China are open. In Japan, South Korea and other parts of Southeast Asia, the company began closing stores in February. Currently nearly 70% of the 210 stores in these areas are open. In Mainland China, where stores have been open the longest, volumes began to gradually build, with sales in April and May approximately flat to last year at Versace and Jimmy Choo, and approximately 80% of prior year levels at Michael Kors for the same period.

The company is pleased with the strong online engagement from Versace, Jimmy Choo and Michael Kors loyal customers. Overall, e-commerce sites are generating strong sales, with Versace and Michael Kors almost double prior year levels in April and May.

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To support the health and safety of employees and customers as stores reopen, Capri Holdings has implemented new health and safety procedures.