Capri Holdings continues reopening stores globally

Capri Holdings is resuming store operations globally, in accordance with local government reopening plans and safety protocols. Slightly more than half of the company’s global stores are currently open.

The company, which consists of Versace, Jimmy Choo and Michael Kors, has reopened less than 15 percent of its 455 retail stores in the Americas. Capri expects to have the majority of stores in the region reopened by early July.

Nearly 60 percent of Capri's 318 retail stores in Europe, the Middle East and Africa region are open, with sales at reopened locations at approximately 50 percent of prior year volumes.

All of the company's 288 stores in Greater China are open, along with about 70 percent of the 210 stores in Japan, South Korea and other parts of Southeast Asia. Stores have been opened the longest in Mainland China, where sales of Versace and Jimmy Choo are flat to last year's metrics and approximately 80 percent of prior year levels at Michael Kors for the same period.

Capri said that its international e-commerce sites are experiencing strong sales, with Versace and Michael Kors generating double compared to prior years in April and May.

“The COVID-19 pandemic has profoundly impacted our lives and our business in ways we could not have anticipated," Capri Holdings chairman and CEO, John Idol, said in a statement. " We have a portfolio of three iconic, founder-led fashion luxury houses that continue to inspire passion and enthusiasm with their customers. As the world emerges from the global shutdown we believe our consumers will once again express themselves through fashion and luxury. We remain confident and optimistic about the long-term opportunities for each of our unique luxury houses.”

Photo credit: Capri Holdings