Capri Holdings reports revenues up 178% year-on-year

United States
Published:  03 August, 2021
Credit: Michael Kors

The parent company of luxury brands such as Versace, Michael Kors and Jimmy Choo has reported its first quarter fiscal 2022 results, with total revenue of US$1.25 billion, an increase of 178% compared to last year. On a constant currency basis, total revenue increased 164%.

Michael Kors reported a total revenue of approximately US$3.7 billion, and an operating margin in the mid 20% range, while Versace and Jimmy Choo showed revenue of US$1 billion and US$500 million respectively. Net inventory for the group as a whole, as of June 26, was US$760 million, a 20% decrease compared with the prior year.

As a result of this encouraging start to the year, Capri Holdings is reportedly increasing its overall fiscal 2022 outlook, forecasting total revenue of approximately US$5.3 billion. The company remains confident in the growth opportunities for all three brands.