Capri Holdings Forecasts Annual Revenue ShortfallAmidst Weakening Luxury Demand
Capri Holdings, the parent company of luxury brands including Michael Kors and Jimmy Choo, has projected lower-than-anticipated annual revenue for the current fiscal year. This projection stems from slowing global demand for luxury products and the persistent decline in sales across the Americas and Asia.
According to consensus analyst estimates, Capri Holdings is expecting annual net revenue of $4.4 billion. However, this figure falls short of the $4.5 billion projected by industry analysts, as reported by LSEG (London Stock Exchange Group).
This news highlights the challenges faced by luxury brands in the current economic climate, as consumers become increasingly cautious in their spending and prioritize essential items over discretionary purchases.