The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Michael Kors owner Capri Holdings Ltd on Wednesday forecast a larger-than-expected 70 percent drop in current-quarter revenue and "significant" losses, as the COVID-19 pandemic hammers demand for its luxury handbags and dresses.
Analysts had forecast a 46.7 percent fall in current quarter revenue, according to IBES data from Refinitiv.
In delayed fourth-quarter results, Capri said total revenue fell 11.3 percent to $1.19 billion in the three months ended March 28, slightly above analysts' average estimate of $1.12 billion.
By Uday Sampath; editor: Krishna Chandra Eluri.
The designer has always been an arch perfectionist, a quality that has been central to his success but which clashes with the demands on creative directors today, writes Imran Amed.
This week, Prada and Miu Miu reported strong sales as LVMH slowed and Kering retreated sharply. In fashion’s so-called “quiet luxury” moment, consumers may care less about whether products have logos and more about what those logos stand for.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.