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Fashion United
28-05-2025
- Business
- Fashion United
Capri holdings slides deeper into loss zone in fourth quarter
The US fashion group Capri Holdings Limited also suffered significant sales losses in the fourth quarter of the 2024/25 financial year. In addition, the group reported a significantly higher loss. However, the figures, which the company published on Wednesday, were not quite as bad as analysts had expected in the run-up. The current quarterly report still includes the results of the Versace brand, the acquisition of which by the Italian fashion group Prada SpA is to be completed in the second half of the year. In mid-April, both companies agreed that the Prada Group would acquire the fashion house for around 1.37 billion dollars. Group sales fall by around 15 percent In the fourth quarter, which ended on March 29, Capri's group sales amounted to around 1.03 billion dollars. This corresponded to a decrease of 15.4 percent compared to the same period last year. Adjusted for exchange rate changes, revenues shrank by 14.1 percent. The significant decrease was due to losses at all group brands. Michael Kors' sales fell by 15.6 percent (currency-adjusted -14.4 percent) to 694 million dollars, while Jimmy Choo's revenues fell by 2.9 percent (currency-adjusted 1.5 percent) to 133 million dollars. Versace suffered a minus of 21.2 percent (currency-adjusted -19.7 percent) to 208 million dollars. Due to significantly lower costs, the group was able to reduce its operating loss, which had been 543 million dollars in the same quarter last year, to 116 million dollars. However, the net loss attributable to shareholders grew by 37 percent to 645 million dollars due to higher tax charges. Adjusted for special effects, the corresponding deficit was 581 million dollars, after an adjusted net profit of 50 million dollars had been recorded in the same quarter last year. Net loss for the full financial year amounts to more than one billion dollars Group sales for the full financial year were 4.44 billion dollars, a decrease of 14.1 percent compared to the previous year. The reported net loss of around 1.18 billion dollars was more than five times as high as in the previous year, when it was 229 million dollars. The group also published an initial outlook for the current 2025/26 financial year, which no longer includes Versace's results. According to this, management expects annual sales in the range of 3.3 to 3.4 billion dollars, an operating profit of approximately 100 million dollars and diluted earnings per share of between 1.20 and 1.40 dollars. Chief executive officer John Idol looks to future with 'optimism' Chairman and chief executive officer John Idol was confident about the future: 'The 2024/25 financial year was a difficult year for Capri Holdings, but as we start the 2025/26 financial year, we are optimistic about our future path,' he said in a statement. Despite the uncertainties arising from the development of global tariffs, the group will focus on its new strategic measures, which should lead to future growth. The company is still in an 'early phase' of its turnaround, but can already see 'positive signs' of the effectiveness of the strategy, Idol emphasised. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Bloomberg
30-04-2025
- Business
- Bloomberg
Prada Sees Further Growth as Sales Buck Wider Luxury Slowdown
Prada SpA reported better-than-expected sales for the start of the year, bucking the weakness across the wider luxury industry as growth soared at the Italian fashion group's Miu Miu brand. Net revenue for the group rose 13% at constant currencies in the first quarter, the Hong Kong-listed company said Wednesday, just beating analyst estimates. Retail sales at Miu Miu, particularly popular among younger customers, grew 60% from a year earlier.
Bloomberg
12-04-2025
- Business
- Bloomberg
Billionaire Prada Clan Succession Plan Bolstered by Versace Deal
By and Luca Casiraghi Save For decades, the fiercely independent Prada SpA Chairman Patrizio Bertelli talked about the need for Italian fashion houses to acquire size and scale to take on sprawling industry behemoths like LVMH and Kering SA and also avoid being gobbled up by them. And yet his efforts to add heft to the Milan-based company he controls with his wife Miuccia Prada through an acquisition binge in the late 1990s left the group saddled with more than €1 billion ($1.13 billion) in debt and later forced the couple to seek help from Italian banks to prevent losing control.
Bloomberg
10-04-2025
- Entertainment
- Bloomberg
Prada and Versace Could Be a $1.4 Billion Clash
Pradace is real. Prada SpA said on Thursday that it would pay just under $1.4 billion for Versace from Capri Holdings Ltd. Although collaborations are all the rage right now, this is one fashion mash-up that should have stayed in the design room.
Bloomberg
10-04-2025
- Business
- Bloomberg
Prada Agrees to Buy Versace for $1.38 Billion Despite Tariffs
Prada SpA agreed to buy Versace for $1.38 billion in cash in a deal aimed at strengthening its position as Italy's largest fashion group. The Milanese company, controlled by billionaire designer Miuccia Prada and her husband Patrizio Bertelli, expects the transaction to close in the second half of this year, the companies said Thursday. Bloomberg News reported on March 2 that Prada was near a deal to buy Versace from Capri Holdings Ltd., which paid $1.8 billion for the brand in 2018.
