In a surprise move, Josh Schulman is leaving Capri Holdings — just six months after joining the company as CEO of Michael Kors.
Schulman, who previously led Coach, Bergdorf Goodman and Jimmy Choo, was set to take on a bigger role and become CEO of Capri in September, succeeding chairman and CEO John Idol. (In addition to Kors, Capri owns Choo and Versace.)
Instead, Idol is staying on in his current role.
“At Capri Holdings, we are executing against our clear strategic vision for growing our three powerful fashion luxury brands and seeing strong results,” Idol said in a statement. “We remain well-positioned to achieve meaningful long-term revenue and earnings growth as well as deliver increased value for our shareholders. I am fully committed to continuing to lead Capri Holdings and driving our future success.”
The move is unexpected — mainly because Capri has been on an upswing.
Last month, the company said third quarter net revenue rose 24% to $1.6 billion. Net income was $322 million, compared to $179 million in the same quarter in 2020. Adjusted net income was $339 million. (At Michael Kors, revenue increased 20% to $1.18 billion.)
In today’s statement, Idol said: “Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives. The strategies that we put in place prior to the pandemic have been generating strong consumer demand and driving higher profitability as we continue to elevate brand positioning.”
This is a developing story. Check back for more.