Capri, owner of Versace, Michael Kors and Jimmy Choo, reduces its annual losses by 72%, to 50.6 million

Capri Holdings, owner of the luxury brands Versace, Michael Kors and Jimmy Choo, closed its fiscal year, which ended in March, with net attributable losses of 62 million dollars (50.6 million euros), which is equivalent to reducing 72% of the ‘red numbers’ of 223 million (182.2 million euros) registered in the previous fiscal year, as reported by the company this Wednesday.

Total revenue from luxury holding was $ 4,060 million (3,317.6 million euros), down 26.9%. Michael Kors remained the main brand of the group, with net sales of 2,924 million dollars (2,389.3 million euros), 29.6% less, while revenues from Versace fell 14.8%, up to 718 million (586.7 million euros), and those of Jimmy Choo stood at 418 million dollars (341.6 million euros), 24.7% less.

“The profound challenges [from Covid-19] tested our company and the industry in ways we could never have imagined. Despite these challenges, we are pleased with the performance of our three luxury brands, with revenues and profits that significantly exceed our expectations, “said Capri President and CEO John Idol.

The cost of products sold during the fiscal year was 1,463 million (1,195.5 million euros), 35.8% less, while operating expenses contracted 25.6%, to 2,578 million dollars (2,106 , 6 million euros).

Only in the fourth quarter of the fiscal year, Capri recorded losses of 183 million dollars (149.5 million euros), 66.8% less, after registering a practically stable turnover of 1,197 million (978.1 million euros). euros).

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