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Restart - Capri Holdings announces phased reopening of global stores
02 June 2020

On May 28, the global fashion group, which owns the Versace, Michael Kors and Jimmy Choo brands, unveiled the details of a phased reopening plan for its global store operations, reports ILM.

 

Capri Holdings said it has begun to resume store operations globally in accordance with local government’s reopening plans. Currently, slightly more than half of the company’s global retail fleet of stores are open.

In the Americas all Group stores closed in mid-March 2020 and, presently, less than 15% of the 455 retail stores in the region are open. Capris anticipates having the majority open by early July. The same applies to the EMEA, where almost 60% of the 318 retail stores in the region are currently open. Sales at reopened stores in the region are said to be approximately 50% of prior year volumes since reopening, compared with the same period in 2019.

In Greater China, where Capri began closing stores in late January 2020, all of the 288 stores are open. In Japan, South Korea and other parts of Southeast Asia, the company began closing stores in February, and currently nearly 70% of the 210 stores in these areas are open. In Mainland China, where stores have been open the longest, volumes are said to have begun to gradually build, with sales in April and May approximately flat compared with 2019 at Versace and Jimmy Choo, and approximately 80% of prior year levels at Michael Kors for the same period.

“We are taking a prudent and measured approach to reopening our stores to ensure all necessary precautions are in place while maintaining the exceptional in-store experience our customers expect from our luxury houses”, said John Idol, Chairman and CEO, Capri Holdings. “As the world emerges from the global shutdown, we believe our consumers will once again express themselves through fashion and luxury. We remain confident and optimistic about the long-term opportunities for each of our unique luxury houses”, he added.

 

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