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Capri Holdings, the parent company of Versace, Jimmy Choo and Michael Kors, has announced its turnover for the first three months of 2021 as well as its full year sales for 2020 and 2021. The company expects sales to grow steadily over the remainder of the year as buyer demand in the luxury goods sector increases, particularly in the US.
A subdued start to the 2021 financial year
Capri Holdings has made a rather stable start to the year according to figures, despite the closure of 60% of its shops in the EMEA region (Europe Middle-East Africa). The company’s turnover for the first quarter of 2021 was $1.197 billion, above analysts’ expectations, as reported by StreetInsider. In comparison, it had reached the sum of 1.192 billion dollars, during the first three months of 2020. The luxury goods group thus achieved a gross profit increase of 737 million dollars, which can be explained in particular by the improvement in e-commerce.
In terms of brands, Jimmy Choo recorded growth of +15.9%, amounting to $124 million. As for Versace, the Italian label saw its sales increase by +10.3%, to $235 million. However, Michael Kors remains the only brand in the group to show a decline in sales, making a loss of 4%, from $872 millions in the first quarter of 2020 to 838 million in the same period for the year 2021. Nevertheless, its CEO, John Idol, wants to give the brand a more exclusive character, by limiting the offer and promotions. This should allow the fashion house to become a “smaller, but more profitable business”.
Positive forecasts for the rest of the year
Although the group’s full-year revenue for the year ended March, 27th, fell by almost 27% to $4.1 billion (€3.7 billion), Capri expects a strong recovery for the current year now that vaccination is growing comfortably, particularly in the US.
For the year 2022, the company expects total revenues of about $5.1 billion (€4.2 billion).
Read also > BOGART GROUP ANNOUNCES FIRST QUARTER 2021 RESULTS
Featured photo : © Capri Holdings[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Capri Holdings, the parent company of Versace, Jimmy Choo and Michael Kors, has announced its turnover for the first three months of 2021 as well as its full year sales for 2020 and 2021. The company expects sales to grow steadily over the remainder of the year as buyer demand in the luxury goods sector increases, particularly in the US.
A subdued start to the 2021 financial year
Capri Holdings has made a rather stable start to the year according to figures, despite the closure of 60% of its shops in the EMEA region (Europe Middle-East Africa). The company’s turnover for the first quarter of 2021 was $1.197 billion, above analysts’ expectations, as reported by StreetInsider. In comparison, it had reached the sum of 1.192 billion dollars, during the first three months of 2020. The luxury goods group thus achieved a gross profit increase of 737 million dollars, which can be explained in particular by the improvement in e-commerce.
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Capri Holdings, the parent company of Versace, Jimmy Choo and Michael Kors, has announced its turnover for the first three months of 2021 as well as its full year sales for 2020 and 2021. The company expects sales to grow steadily over the remainder of the year as buyer demand in the luxury goods sector increases, particularly in the US.
A subdued start to the 2021 financial year
Capri Holdings has made a rather stable start to the year according to figures, despite the closure of 60% of its shops in the EMEA region (Europe Middle-East Africa). The company’s turnover for the first quarter of 2021 was $1.197 billion, above analysts’ expectations, as reported by StreetInsider. In comparison, it had reached the sum of 1.192 billion dollars, during the first three months of 2020. The luxury goods group thus achieved a gross profit increase of 737 million dollars, which can be explained in particular by the improvement in e-commerce.
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