American fashion executive John D Idol has been chief executive of luxury fashion brand Michael Kors since 2003, and chairman since 2011, and played an instrumental role in the company’s turnaround.
Idol acquired the Michael Kors business for $100 million in 2003, when revenue totalled $20 million, along with Hong Kong-based private equity firm Sportswear Holdings.
During his tenure, sales and profitability ballooned. According to the 2017 annual report, retail net sales continue to increase, but profitability is down. "Looking ahead, as we expand the fashion innovation in our accessories assortments, right-size our store fleet and elevate our store experience, fiscal 2018 will be a transition year in which we establish a new baseline before returning to long-term growth," said Idol.
Idol, who is a former chief executive of Donna Karan , helped reposition the brand as a classic, American “jet-set” lifestyle company, and Kors’ sportswear-influenced designs began to attract international attention.
In late 2012, the company went public after five consecutive years of same-store sales growth and strong profitability every quarter. The IPO also saw Idol take on the chairman role. He still retains one percent of the company’s shares and has sold shares for upwards of $400 million since the public offering.
In the race to build America's first-ever luxury conglomerate, Michael Kors Holdings, now renamed Capri Holdings, acquired world-famous Italian fashion house Versace in September 2018 for $2.1 billion. The group previously acquired Jimmy Choo in July 2017 for $1.2 billion.
Earlier in his career, Idol also held senior positions at Ralph Lauren .
