Capri Holdings eyes China with strategy to increase investment

Capri Holdings, owner of Michael Kors, Versace And Jimmy Chooare targeting China again.

After three years of travel restrictions, the company’s executive team including chairman and chief executive officer John Idol traveled to China this week with the aim of increasing strategic investment in the market.

Idol, beside Patrick LeeCapri Holdings’ vice president, Asia Pacific, and Versace CEOs Jimmy Choo and Michael Kors attended meetings with Capri China’s management team, visited stores and met Remove landlords in many cities in China.

The American luxury group hosted a Michael Kors ‘Jet Set’ experience session in Sanya on Tuesday, March 21. Along with three brand ambassadors, celebrities and the media attended attended the event at Hainan resort, introduced the brand’s Spring/Summer collection and signaled to Chinese consumers the brand’s commitment to the market.

“It is wonderful to be back in China for the first time since January 2020 to once again experience firsthand the beauty, long history and profound culture of this country. Given China’s importance to the global economy, it’s encouraging to see the energy levels and excitement of the Chinese people as they return to their normal daily lives,” Idol said.

“China is an important long-term growth opportunity for our three luxury homes, Versace, Jimmy Choo and Michael Kors. We will continue to increase our strategic investment in the country, including events and new store openings […]”

Capri’s presence in China has fluctuated since the start of the pandemic, but the US luxury group is hoping to revive sales in the region with a new investment strategy.

Last month, Capri cut its annual profit forecast. Revenue from Asia for Michael Kors, Capri’s biggest brand, fell nearly 18 percent in the third quarter, as China’s decision to end its Covid-free policy late last year ultimately affected the economy. store traffic.