Latest news with #MichaelKors-owner
Yahoo
28-05-2025
- Business
- Yahoo
Michael Kors parent Capri lowers annual revenue forecast
(Reuters) -Michael Kors-owner Capri Holdings cut its revenue forecast for 2026 on Wednesday signaling that tariff-related uncertainty was weighing on an already fragile demand for its leather handbags and accessories in North America and Asia. The company now expects total annual revenue in the range of $3.3 billionto $3.4 billion, compared with its February forecast of about $4.1 billion. Analysts expected sales to fall 7.3% to $4.07 billion, according to data compiled by LSEG.
Time of India
09-05-2025
- Business
- Time of India
Coach owner Tapestry lifts forecasts on solid demand for handbags
HighlightsTapestry raised its 2025 revenue and profit forecasts for the third time in 2023, anticipating profit of around $5 per share and annual revenue of approximately $6.95 billion. The company's sales exceeded expectations, driven by strong demand for its Coach handbags, particularly among younger shoppers in North America and China, leading to a significant 8.5 per cent increase in shares during premarket trading. Tapestry's net sales for the quarter ended March 29 reached $1.58 billion, surpassing estimates of $1.53 billion, and the company reported earnings of $1.03 per share, beating expectations of 88 cents. Tapestry on Thursday raised its 2025 revenue and profit forecasts for a third time this year, taking advantage of its limited exposure to the sweeping U.S. tariffs and higher full-price sale of its popular Coach handbags . Its shares jumped 8.5 per cent in premarket trading as steady demand for the company's Tabby, Brooklyn and Empire leather handbags among younger shoppers in North America and China helped it beat third-quarter results expectations. The company's sales benefited from product innovations, a sharp marketing strategy and full-price selling and come despite a downturn in the luxury market that has hurt players such as French luxury groups LVMH and Kering. Tapestry's price increases boosted margins, which grew 140 basis points in the quarter from last year. Sales in its biggest North America segment rose 9 per cent, while in Europe it surged 32%. Coach, which makes up roughly 80 per cent of overall sales for Tapestry, saw sales grow 13 per cent from last year. Coach products are made in Vietnam, Cambodia, the Philippines and India with no vendor providing 10 per cent or more of total inventory purchases, according to Tapestry's 2024 annual report. It also had limited exposure to China. The company divested its footwear brand Stuart Weitzman in February to Dr Scholl's footwear owner Caleres for $105 million. That was part of its effort to focus on higher-margin Coach and Kate Spade businesses following a failed attempt to merge with Michael Kors-owner Capri last year. Tapestry expects profit of around $5 per share, compared to a prior forecast of $4.85 to $4.90. Annual revenue is projected to be about $6.95 billion, compared to its earlier expectation of more than $6.85 billion. Net sales for the quarter ended March 29 came in at $1.58 billion, above estimate of $1.53 billion, according to data compiled by LSEG. It earned $1.03 per share, beating estimates of 88 cents.
Reuters
10-04-2025
- Business
- Reuters
Prada's crisis-era Versace deal still looks pricey
LONDON, April 10 (Reuters Breakingviews) - The Italian group paid $1.4 bln for the ailing brand from Michael Kors-owner Capri, less than expected. It helps CEO Andrea Guerra square up to bigger French rivals LVMH or Kering. Even so, the return on investment looks low, even before factoring in a tricky turnaround. Full view will be published shortly. Prada said on April 10 it will buy smaller Italian rival Versace from Capri for 1.25 billion euros, which includes its debt. 'The acquisition of Versace marks another step in the evolutionary journey of our Group, adding a new dimension, different and complementary,' Prada's Chief Executive Officer Andrea Guerra said in a statement. Our Standards: The Thomson Reuters Trust Principles., opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Reuters
19-02-2025
- Business
- Reuters
Coach parent Tapestry to sell Stuart Weitzman footwear brand for $105 million
Feb 19 (Reuters) - Coach parent Tapestry (TPR.N), opens new tab will sell the Stuart Weitzman brand to Dr Scholl's footwear owner Caleres (CAL.N), opens new tab for $105 million in cash, the companies said on Wednesday. The divestment comes months after Tapestry and Michael Kors-owner Capri (CPRI.N), opens new tab abandoned their $8.5 billion merger following a legal challenge. "Stuart Weitzman will be a lead brand for Caleres, and with this combination the brand portfolio segment will generate nearly half of our total revenue and will continue to generate over half of our operating profit," said Caleres CEO Jay Schmidt. Caleres also houses Sam Edelman and Vince. Tapestry witnessed strong demand for Coach's Tabby handbags in the reported quarter, while Kate Spade and Stuart Weitzman lagged. The deal is expected to close in the summer of 2025, the companies said.
Yahoo
19-02-2025
- Business
- Yahoo
Coach parent Tapestry to sell Stuart Weitzman footwear brand for $105 million
(Reuters) - Coach parent Tapestry will sell the Stuart Weitzman brand to Dr Scholl's footwear owner Caleres for $105 million in cash, the companies said on Wednesday. The divestment comes months after Tapestry and Michael Kors-owner Capri abandoned their $8.5 billion merger following a legal challenge. "Stuart Weitzman will be a lead brand for Caleres, and with this combination the brand portfolio segment will generate nearly half of our total revenue and will continue to generate over half of our operating profit," said Caleres CEO Jay Schmidt. Caleres also houses Sam Edelman and Vince. Tapestry witnessed strong demand for Coach's Tabby handbags in the reported quarter, while Kate Spade and Stuart Weitzman lagged. The deal is expected to close in the summer of 2025, the companies said. Sign in to access your portfolio
