Last week, it was announced that Tapestry will acquire Capri Holdings for US$8.5 billion or US$57.00 per share.

In the first quarter, Capri reported gross profit of US$812 million and a gross margin of 66.1%, against US$901 million and 66.3% in the first quarter of fiscal 2023. Net income totalled US$48 million, down from US$201 million,

Versace reported revenue of US$259 million, down by 5.8% year-on-year on both a reported and constant currency basis. Operating income for the brand was US$3 million with a margin of 1.2%.

Jimmy Choo had revenue of US$183 million in the quarter, up by 6.4% (7% on a constant currency basis), while operating income was US$16 million and the operating margin was 8.7%.

Finally, Michael Kors saw revenue decline by 13.8% to US$787 million (down by 13.4% on a constant currency basis) while operating income was US$130 million with a margin of 16.5%.

Chairman and CEO John D. Idol said: “As announced earlier today, the planned acquisition of Capri Holdings by Tapestry marks a major milestone for our company. It is a testament to all that our teams have achieved in building Versace, Jimmy Choo and Michael Kors into the iconic and powerful luxury fashion houses they are today. We are confident this combination will deliver immediate value to our shareholders.

“It will also provide new opportunities for our dedicated employees around the world as Capri Holdings becomes part of a larger and more diversified company. By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands.”