Tag: $Capri Holdings Ltd.

Donatella Versace is to step down as chief creative officer of the Versace brand after almost three decades in the role, owner Capri Holdings said on Thursday.

Capri Holdings forecast revenue for the year as well as fiscal 2026 below Wall Street estimates on Wednesday, as the Michael Kors owner grapples with slowing demand for luxury goods, especially in the Americas and Asia.

Capri and Tapestry called off their merger on Thursday after the Federal Trade Commission successfully sued to block the megadeal.

Capri stock was down in after-hours trading Thursday. Capri Holdings  stock just can’t get a break. Shares took a tumble Thursday after the company posted a softer-than-feared second quarter.

Shares of Michael Kors owner Capri slumped nearly 46% in premarket trading on Friday after a U.S. judge blocked its pending $8.5 billion merger with handbag maker Tapestry.

Total revenue fell 13.2% year-over-year to $1.07 billion for the fiscal quarter that ended on June 29. On a constant currency basis, total revenue decreased by 12.1% during the quarter. Total company retail sales declined in the low-double-digits, with trends being impacted by softening demand globally for fashion luxury goods.

The Federal Trade Commission is seeking to block luxury retailer Tapestry from purchasing Capri Holdings for $8.5 billion, arguing that the acquisition would curb competition in the market for less expensive luxury handbags.

Michael Kors owner Capri CPRI –1.70% Holdings’ stock surged 58% ahead of the open Thursday as rival Tapestry , parent of the Coach brand, announced a deal to buy the global luxury fashion group.

Michael Kors parent Capri Holdings Ltd (CPRI.N) on Wednesday cut its annual sales forecast as demand for its handbags and shoes weakens in the United States, sending its shares down nearly 9% in early trading.