On November 26, Capri Holdings, a luxury fashion group, announced a reorganization of the leadership team for its subsidiary brand, Michael Kors. This move is aimed at further strengthening the company’s strategies to return to growth.
John D. Idol, currently Chairman and CEO of Capri Holdings, will assume the role of CEO of Michael Kors. Additionally, effective December 2, 2024, Philippa Newman, who has been serving as President of the Accessories and Footwear division, will be promoted to Chief Product Officer (CPO). In her new role, Newman will oversee merchandising, production, licensing, and design, while deepening her collaboration with designer Michael Kors himself.
“I am excited to continue to partner with Michael, John and the leadership team to achieve our strategic objectives and reinvigorate the Michael Kors brand,” said Newman. “Michael Kors has strong brand equity and tremendous potential. I am confident that by consolidating design, merchandising, production, and licensing under a unified team we can more effectively execute our strategies, including delivering more targeted product to different consumer cohorts, in order to return Michael Kors to growth,” she expressed.
On the other hand, it was also announced that Cedric Wilmotte, who has contributed to the brand for 16 years, will be departing. Expressing gratitude for his service, Idol commented, “I would like to thank Cedric for his significant contributions over the last 16 years. We wish him all the best in his future endeavors.”
This leadership reorganization is part of a comprehensive strategy aimed at captivating both existing and new customers. Initiatives such as improving store productivity and revitalizing the wholesale business will play a key role in driving the brand’s resurgence.
Earlier this year, Capri Holdings was slated to be acquired for $8.5 billion by Tapestry, Inc., the parent company of Coach and Kate Spade New York. However, on November 14, both companies mutually agreed to terminate the merger agreement, effectively canceling the acquisition plan. The decision was driven by concerns raised by the Federal Trade Commission (FTC), which warned that the merger could stifle market competition and lead to price increases. Faced with complex legal procedures and the unlikelihood of resolving these issues within the contractual timeframe, both companies concluded that prioritizing a competitive environment and minimizing risks was the best course of action.
Going forward, Capri Holdings will steer itself back toward an independent strategy, seeking new opportunities to maximize brand value and chart a fresh course for future growth.