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.
Capri Holdings Ltd on Wednesday forecast annual revenue above Wall Street expectations, betting on shoppers returning to stores in the United States following speedy vaccinations and pent-up demand for luxury goods in Europe.
The Michael Kors and Versace parent expects revenue of about $5.1 billion for its fiscal 2022. Analysts were estimating $4.99 billion, according to IBES data from Refinitiv.
The company beat estimates for fourth-quarter revenue, fuelled by robust demand for its high-end bags and purses across markets.
Revenue edged higher to $1.20 billion in the three months ended March 27, from $1.19 billion a year earlier, the owner of Versace and Jimmy Choo said.
ADVERTISEMENT
Analysts had expected $1.02 billion, according to IBES data from Refinitiv.
By Nivedita Balu; Editor: Sriraj Kalluvila
Balenciaga’s deputy CEO Laura du Rusquec will replace Andrea Baldo as the Danish brand aims to elevate its image.
After growing the brand’s annual sales to nearly €2.5 billion, the star designer has been locked in a thorny contract negotiation with owner LVMH that could lead to his exit, sources say. BoF breaks down what Slimane brought to Celine and what his departure could mean.
This week, more luxury brands will report first-quarter results, offering clues as to how broad and how deep the downturn is going to get.
Fashion brands are edging in on the world’s largest gathering of design professionals and their wealthy clients, but design companies still dominate the sector, which is ripe for further consolidation, reports Imran Amed.