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Michael Kors Owner Capri Forecasts 70% Fall in Current-Quarter Revenue

Michael Kors logo is seen in a shop in downtown Lisbon, Portugal, November 16, 2016. (Reuters)
Michael Kors logo is seen in a shop in downtown Lisbon, Portugal, November 16, 2016. (Reuters)
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Michael Kors Owner Capri Forecasts 70% Fall in Current-Quarter Revenue

Michael Kors logo is seen in a shop in downtown Lisbon, Portugal, November 16, 2016. (Reuters)
Michael Kors logo is seen in a shop in downtown Lisbon, Portugal, November 16, 2016. (Reuters)

Michael Kors owner Capri Holdings Ltd on Wednesday forecast a larger-than-expected 70% drop in current-quarter revenue and “significant” losses, as the COVID-19 pandemic hammers demand for its luxury handbags and dresses.

Analysts had forecast a 46.7% fall in current quarter revenue, according to IBES data from Refinitiv.

In delayed fourth-quarter results, Capri said total revenue fell 11.3% to $1.19 billion in the three months ended March 28, slightly above analysts’ average estimate of $1.12 billion.

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Fashion Commission Hosts Virtual Dialogue on Empowering Creativity, Shaping Future of Saudi Fashion

The session will explore the vital role of education as a foundation for nurturing creativity and promoting sustainable growth in the Saudi fashion industry
The session will explore the vital role of education as a foundation for nurturing creativity and promoting sustainable growth in the Saudi fashion industry
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Fashion Commission Hosts Virtual Dialogue on Empowering Creativity, Shaping Future of Saudi Fashion

The session will explore the vital role of education as a foundation for nurturing creativity and promoting sustainable growth in the Saudi fashion industry
The session will explore the vital role of education as a foundation for nurturing creativity and promoting sustainable growth in the Saudi fashion industry

The Fashion Commission is hosting a virtual dialogue session on Thursday centered on empowering creativity and shaping the future of Saudi fashion.

The session is part of an ongoing series of open sessions designed to keep stakeholders and enthusiasts informed about sector developments and to foster continuous dialogue on its strategic direction.

The session will explore the vital role of education as a foundation for nurturing creativity and promoting sustainable growth in the Saudi fashion industry. It will also highlight the commission’s educational initiatives aligned with Saudi Vision 2030, aimed at strengthening the creative economy.

Participants will learn about key educational and training programs developed in partnership with local and international institutions, supporting those interested in design, textiles, handicrafts, entrepreneurship, and other essential skills driving the fashion sector.

The commission invites students, designers, entrepreneurs, academics, and fashion enthusiasts to join this open meeting - a platform for direct dialogue with officials and industry experts - accessible via a link shared on its official page on X.