Capri Holdings revenues fall by 15% to $1bn in Q4

Versace owner Capri Holdings saw its revenues fall by 15.4% to $1bn (£742m) in the fourth quarter ended 29 March.

It comes as net losses widened to $645m (£478m), up from a net loss of $472m (£350m) the prior year. 

Gross profit also fell to $631m (£468m) and gross margin was 61.0%, compared to $767m (£569m) and 62.7% the prior year.

Over the period, Versace revenues fell 21.2% to $208m (£154m) while ​​operating loss was $13m (£9.6m). Michael Kors revenues of $694m (£515m) decreased 15.6%, while Jimmy Choo revenues declined 2.9% to $133m (£98m). 

As previously announced, on 10 April 2025, Capri Holdings announced that it entered into a definitive agreement to sell Versace to Prada for $1.3bn (£965m). The transaction is expected to close in the second half of calendar 2025. 

The company said that due to the uncertainty around tariffs it now expects its total revenues for the year to be approximately between $3.3bn (£2.4bn) and $3.4bn (£2.5bn) with an operating income in a range around $100m (£74m). 

John D. Idol, chairman and chief executive officer, said: “Fiscal 2025 was a challenging year for Capri Holdings, but we are optimistic about our path forward as we enter fiscal 2026. While there is uncertainty around the impact of tariffs on the global economic environment, we remain focused on executing against our new strategic initiatives that are designed to return Capri Holdings to future growth. The company is still in the early stages of its turnaround and we are seeing positive indicators that our strategies are beginning to work.

“Looking ahead, we continue to expect trends to improve throughout fiscal year 2026 positioning us to return to growth in fiscal 2027 and beyond. We are confident in our ability to grow Michael Kors to $4bn (£2.9bn) in revenue and Jimmy Choo to $800m (£593m) over time, while restoring operating margin to the double-digit range.”