Capri Says Versace, Jimmy Choo Sales Back to Normal in China, Shares Rise

A sign is seen for high-end retail store Versace along 5th Avenue in New York May 19, 2013. (Reuters)
A sign is seen for high-end retail store Versace along 5th Avenue in New York May 19, 2013. (Reuters)
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Capri Says Versace, Jimmy Choo Sales Back to Normal in China, Shares Rise

A sign is seen for high-end retail store Versace along 5th Avenue in New York May 19, 2013. (Reuters)
A sign is seen for high-end retail store Versace along 5th Avenue in New York May 19, 2013. (Reuters)

Capri Holdings Ltd reported a smaller-than-expected quarterly loss on Wednesday, helped by a recovery in demand for its Versace and Jimmy Choo brands in China and a surge in online shopping.

Shares of the company, which also makes Michael Kors handbags, jumped 14% in early trading.

Capri said first-quarter sales at Versace and Jimmy Choo in Mainland China were roughly flat from a year earlier, joining European luxury goods makers LVMH and Kering in signaling a pick-up in demand in the country, where the effects of the COVID-19 pandemic were first felt.

The company, however, said revenue from its Hong Kong and Macau markets remained significantly below last year.

Chinese shoppers account for a major chunk of global luxury goods sales and domestic demand has risen due to restrictions on traveling abroad.

The company warned that sales in Europe and North America would be slower to recover, with total revenue likely to be down 40% in the second quarter and 35% for the full year.

“We’re at the peak season of where tourists would be coming to London, Paris, Milan, Florence and Barcelona, which are all very important cities where we do huge volume,” Capri Chief Executive Officer John Idol said.

“Obviously, that’s not going to happen this year, so we continue to be cautious about what’s happening in Europe.”

Total revenue fell 66.5% to $451 million in the first quarter, a smaller drop than what the company had projected in July, as online sales jumped 30%.

Excluding items, the company posted a loss of $1.04 per share, less than analysts’ expectation of a loss of $1.11 per share, according to IBES data from Refinitiv.

The company also backed its previous expectations of returning to earnings and revenue growth in fiscal 2022, which starts next year.



Giorgio Armani Shines at Milan Fashion Week with Shimmering Menswear Collection

 A model walks the runway during the Giorgio Armani collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 20, 2025. (AFP)
A model walks the runway during the Giorgio Armani collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 20, 2025. (AFP)
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Giorgio Armani Shines at Milan Fashion Week with Shimmering Menswear Collection

 A model walks the runway during the Giorgio Armani collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 20, 2025. (AFP)
A model walks the runway during the Giorgio Armani collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 20, 2025. (AFP)

Giorgio Armani’s menswear collection previewing Monday on the final day of Milan Fashion Week was all about catching the light, which the 90-year-old designer achieved with shimmering textiles and a smattering of crystals.

Armani closed four days of menswear previews for Fall-Winter 2025-26 at his historic headquarters on Via Borgonuovo, freeing the fashion crowd to head to Paris for the next round.

Fans gathered behind barricades to snap photos of VIPs including Adrien Brodie, Joe Alwyn, Rocco Ritchie and Darren Star, arriving for the show under a light drizzle.

The Silhouette Armani set the runway show deep inside the headquarters to a rhythmic almost club beat. Brimmed hats gave structure to the soft silhouette of wintery velvet and corduroy complemented by shimmering textiles that grabbed the light.

Trousers were pleated, gathering slightly at the ankle, creating movement and allowing an easy tuck into laced boots. Jackets layered over zipped vests. Scarfs substituted for ties, sometimes big knits that converted to hoods. Faux fur collars, a trend in Milan this season, were used sparingly on outerwear.

Light and color Jewel tones of ruby, emerald and sapphire brightened a neutral palette. Delicate crystal pins decorated evening wear lapels.

A handful of women’s looks emphasized the versatility of the menswear silhouette. The show closed with couples dressed for a festive evening, glistening with sequins and crystals for him and for her.

Armani took a final bow wearing a blue velvet jacket, underlining his hallmark of comfort and elegance.

Trend watch: Brimmed hats. Textiles that shimmer. Unstructured bags. Sporty zip vests for suits. Scarves with built in turtlenecks.