Capri Holdings (CPRI) Morgan Stanley Global Consumer & Retail Conference 2025 summary

Opening remarks and strategic focus

• Completed the $1.4 billion sale of Versace, providing financial flexibility and reducing debt.

• Refocusing on Michael Kors and Jimmy Choo as core brands, aiming to grow both.

• Jimmy Choo is not for sale and is targeted to grow from $600 million to $800 million in the next few years.

• Accessories and footwear, especially in Jimmy Choo, are key growth and margin drivers.

Brand initiatives and growth strategies

• Michael Kors is re-engaging its core identity, emphasizing a modern jet set image and standout style.

• Influencer marketing and social media are driving new and returning customer engagement.

• Strategic pricing reset has improved full-price sell-through and brand perception.

• Store renovations are underway, with over 50% of the fleet to be updated in three years.

Store and fleet optimization

• Michael Kors closed 125 stores in three years, with selective new openings planned.

• New store designs are warmer and more residential, featuring Jet Set lounges to increase dwell time.

• Ready-to-wear space is expanding, and outlet stores are also being renovated.

• Jimmy Choo’s fleet is 85% renovated, requiring minimal further capital.