Michael Kors owner names former Coach head Schulman as next CEO
Reuters
Published Aug 24, 2021 08:44PM ET
(Reuters) - Michael Kors parent Capri Holdings (NYSE:CPRI) said on Tuesday luxury veteran Joshua Schulman would become its chief executive officer in September next year.
Shares in Capri rose 5% as analysts praised Capri's decision to bring in the executive credited with a turnaround of Tapestry (NYSE:TPR) Inc's Coach brand, which he helmed from 2017 to 2020.
Schulman has also been appointed as the head of the Michael Kors brand, effective immediately, and will report to outgoing Capri CEO John Idol.
Schulman was the top boss at Jimmy Choo between 2007 to 2012, and has also held senior positions at Yves Saint Laurent, Gucci and other luxury brands.
"Schulman has a strong track record of driving Coach's turnaround, and we believe the MK brand and CPRI are poised to benefit from his leadership," Cowen analyst Oliver Chen said in a note.
Idol has been the CEO of Capri since December 2003, and will become the executive chairman in September next year.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.