Tue Dec 03 00:28:54 UTC 2024: ## Capri Holdings Shakes Up Michael Kors Leadership Amidst Financial Struggles

**New York, NY** – Luxury conglomerate Capri Holdings, parent company of Michael Kors, Versace, and Jimmy Choo, announced a significant leadership change at its struggling Michael Kors brand. Cedric Wilmotte, CEO for less than two years, is stepping down, with Capri CEO and chairman John Idol returning to the role. This follows a series of executive changes, including the surprise departure of Joshua Schulman in 2022.

The move comes on the heels of the failed $8.5 billion merger with Tapestry, Inc., which was blocked by the Federal Trade Commission. The failed merger, aimed at creating a major American luxury conglomerate, has left Capri scrambling to address declining sales. In the second quarter of 2025, Capri’s group sales fell 16.4 percent, and net income dropped 73.3 percent. Michael Kors, the largest brand in the portfolio, experienced a 15.9 percent year-on-year revenue decline, reaching $738 million.

Analysts attribute Michael Kors’ struggles to brand fatigue, oversaturation of retail stores and outlets, and significant markdowns. To combat these issues, Philippa Newman has been promoted to chief product officer, tasked with revitalizing the brand’s product offerings and appealing to younger consumers. She will work closely with Michael Kors, the brand’s chief creative officer.

Idol, credited with leading Michael Kors through a period of significant growth, aims to implement strategic initiatives to stabilize revenues. These initiatives include targeted product development, improved store productivity, and revitalizing the wholesale business. However, the future of Capri remains uncertain, with speculation swirling about the potential sale of Versace or Jimmy Choo, or even a move to take the company private.

Read More