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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)
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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.

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Fashion

It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
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It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)

As springtime sunshine finally hits New York City, the Met Gala beckons — one of the most anticipated and visible parties in the world.

This year, the theme — “Tailored For You" — is focused on classic tailoring. As always, the dress code is inspired by the spring exhibit at the Costume Institute of the Metropolitan Museum of Art. “Superfine: Tailoring Black Style” is the first Met show to focus exclusively on Black designers, and the first in more than 20 years to have a menswear theme. The show looks at the evolution of Black style over the centuries through the lens of dandyism.

Here are some key things to know as fashion's biggest night approaches:

When is the Met Gala? The gala happens the first Monday in May — this year, May 5.

What exactly is the Met Gala? Not everyone knows that the gala is actually a fundraiser for the Costume Institute, the only self-funding department at the Met. Last year the evening brought in a whopping sum of more than $26 million to the museum's coffers.

Was it always this big? Definitely not. It started in 1948 as a Manhattan society midnight supper – held at various places like the Waldorf Astoria and the Rainbow Room. It took many years before it turned into a global event and one of the starriest nights of the year.

Who's hosting the 2025 Met Gala? Each year brings a new group of celebrity co-chairs. This year they are Pharrell Williams, Lewis Hamilton, Colman Domingo, and A$AP Rocky — along with Anna Wintour, the influential Vogue editor who always oversees the proceedings. NBA superstar LeBron James is honorary chair.

Who else is attending the Met Gala so far? Word on attendees trickles out slowly in the weeks leading up to the event. But this year there’s also a huge additional host committee with stars from various fields. (They don’t have specific host duties, other than showing up and, it goes without saying, looking fabulous.)

It includes athletes Simone Biles and husband Jonathan Owens, Angel Reese and Sha’Carri Richardson; filmmakers Spike Lee, Tonya Lewis Lee and Regina King; and actors Ayo Edebiri, Audra McDonald and Jeremy Pope, and musicians Doechii, Usher, Tyla, Janelle Monáe and André 3000.

Also in the group are author Chimamanda Ngozi Adichie; artists Jordan Casteel, Rashid Johnson and Kara Walker; playwrights Jeremy O. Harris and Branden Jacobs-Jenkins; and fashion figures Grace Wales Bonner, Edward Enninful, Dapper Dan and Olivier Rousteing.

Can anyone buy a ticket to the Met Gala? In a word: No. You cannot just buy a ticket. The right question is: If I were famous or powerful and got invited, how much would it cost?

If I were famous or powerful and got invited, how much would it cost? Individual tickets start at $75,000. Generally, though, companies buy tables. A fashion label, for example, would then host its desired celebrities. A table of 10 starts at $350,000 this year, as it did last year. There will be approximately 400 guests.

How strict is the dress code? The code is meant to be a guide, not a hard rule, and loose interpretation is encouraged.

How do guests spend the evening? Guests enter the museum and walk past an enormous flower arrangement in the museum’s grand lobby – always a talking point. Often there is an orchestra playing nearby. At the top of the grand staircase, Wintour and her co-hosts form a receiving line. Guests then head to view the exhibit, which is followed by dinner. The most hotly anticipated guests sometimes arrive around dessert time for maximum impact (we're looking at you, Rihanna).