Capri Holdings â the New York-based owner of Michael Kors, Versace and Jimmy Choo â reported sales fell 12 percent excluding currency shifts in the most recent quarter.
âWe were disappointed in our first [fiscal] quarter results as performance continued to be impacted by softening demand globally for fashion luxury goods,â chairman and CEO John Idol said in a statement. âWe are continuing to manage our expenses and inventory levels carefully in light of the challenging global retail environment.â
Capri did not provide guidance or hold an investor call, citing its pending deal to sell to rival Tapestry for $8.5 billion. That deal has been challenged by US competition authorities. âCapri intends to vigorously defend this case alongside Tapestry and we look forward to the successful completion of the pending acquisition,â the company said.
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Shares of Versace Owner Capri Seen Falling 30% If Deal With Coach Owner Tapestry Fails
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
