Michael Kors CEO steps down
The news comes as Schulman was set to take over as Capri’s CEO, in September. In turn, John D. Idol will remain as chairman and chief executive officer of Capri Holdings.
“At Capri Holdings, we are executing against our clear strategic vision for growing our three powerful fashion luxury brands and seeing strong results. We remain well-positioned to achieve meaningful long-term revenue and earnings growth as well as deliver increased value for our shareholders. I am fully committed to continuing to lead Capri Holdings and driving our future success,” said Idol in a news statement.
Schulman joined Capri in August 2021 from Tapestry Inc. where he was president and CEO of the Coach brand. Prior to that, he was with Neiman Marcus Group as president of Bergdorf Goodman from 2012 to 2017, and assumed additional responsibility for NMG International with the acquisition of MyTheresa.com in 2014. Likewise, from 2007 to 2012, he was CEO of Jimmy Choo, which Capri now owns.
Idol added: “Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives. The strategies that we put in place prior to the pandemic have been generating strong consumer demand and driving higher profitability as we continue to elevate brand positioning. The board and I remain extremely optimistic about the future growth of Michael Kors and Capri Holdings. We are grateful to Josh for his contributions to our organization.”
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