Michael Kors leaves Capri board
today Apr 1, 2019
Michael Kors is stepping down from his role as a director and executive officer of Capri Holdings, the luxury fashion company formerly known as Michael Kors Holdings Limited.
Capri, which first went public in 2011, revealed the departure in a filing with the Securities and Exchange Commission on Friday. Kors will continue to serve as honorary chairman and chief creative officer for his namesake brand.
Under its former name, the company established itself with the Michael Kors brand and has since acquired powerhouse luxury labels Jimmy Choo and Versace in 2017 and 2018, respectively. The company first announced its planned rebranding as Capri Holdings late last year, in a move to better reflect its new status as a multi-brand fashion group.
"Capri Holdings is now a leading luxury group comprised of three founder-led brands," said Capri chairman and CEO John Idol. "The board of directors will focus on the growth and development of each of these three unique luxury houses. Michael Kors is our largest and most profitable brand in the group... [Kors] is the leader of our successful American luxury house and will continue to guide its creative vision."
The Michael Kors brand, founded by the designer in 1981, has been a consistent star performer in the accessories category thanks to its popular selection of watches, handbags and shoes, and experienced strong third-quarter sales in its ready-to-wear category.
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