Capri Holdings has closed 41 retail locations over the past year, reducing its global store count to 871 as of June 27, 2026, from 912 a year earlier. The closures include 33 Michael Kors stores and eight Jimmy Choo locations, leaving Michael Kors with 662 stores and Jimmy Choo with 209. The move is part of a broader streamlining effort after the company sold Versace to Prada Group in December 2025 for €1.25 billion, and comes as Capri reported a 3.5% decline in first-quarter fiscal 2027 net revenue to $769 million, with Michael Kors revenue down 7.1% to $590 million while Jimmy Choo revenue rose 10.5% to $179 million. The company now expects full-year fiscal 2027 revenue of approximately $3.4 billion, below earlier forecasts, but maintained its earnings-per-share outlook of about $2.15. CEO John Idol expressed optimism, citing strategies to elevate brand desirability and improve customer experience across both remaining brands.
Capri Holdings LtdRevenue decline and store closures indicate weak demand for Michael Kors products.
Prada SpAAcquisition of Versace from Capri may strengthen Prada's portfolio, but not central to this news.
