Capri Holdings Expresses Disappointment Over Luxury Market Downturn

Capri Holdings, the parent company of luxury brands such as Versace, Michael Kors, and Jimmy Choo, has expressed disappointment following a downturn in the luxury market.

Impact of the Downturn

The company has been hit hard by the economic downturn, with sales and profits falling significantly. The pandemic has led to store closures and reduced consumer spending, particularly in the luxury sector.

• Capri Holdings reported a 23% drop in revenue in the last quarter.
• The company’s shares have also fallen by 40% since the start of the year.

Company’s Response

Despite the challenging market conditions, Capri Holdings remains optimistic about the future. The company is focusing on digital sales and expanding its presence in Asia, where the luxury market is expected to recover faster.

• The company is investing heavily in e-commerce to reach more customers.
• It is also planning to open more stores in China and other Asian markets.

Future Outlook

While the current situation is challenging, Capri Holdings believes that the luxury market will rebound. The company is confident in its ability to navigate through these difficult times and emerge stronger.

Summary

In conclusion, Capri Holdings, the owner of Versace, has expressed disappointment over the downturn in the luxury market due to the pandemic. Despite the challenges, the company remains optimistic about the future and is focusing on digital sales and expansion in Asia. The company believes that the luxury market will rebound and is confident in its ability to navigate through these difficult times.