CAPRI Holdings Limited (CPRI): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Capri Holdings Limited (CPRI), une puissance du paysage de la mode de luxe qui orchestre magistralement trois marques emblématiques - Michael Kors, Versace et Jimmy Choo. Ce modèle de modèle commercial révèle comment le CPRI transforme la vision créative en un empire de luxe mondial, mélangeant de manière transparente un design innovant, des partenariats stratégiques et des stratégies numériques de pointe pour saisir le cœur des consommateurs avant-gardistes à travers divers segments de marché. Découvrez les mécanismes complexes qui stimulent le succès remarquable de ce conglomérat de la mode et la pénétration mondiale du marché.

Capri Holdings Limited (CPRI) - Modèle d'entreprise: partenariats clés

Créateurs et marques de mode de luxe

Capri Holdings collabore avec les designers et marques de luxe suivants:

Marque	Détails du partenariat	Année acquise / établie
Versace	Filiale pleinement détenue	2018
Jimmy Choo	Filiale pleinement détenue	2017
Michael Kors	Marque de base	Fondé

Fournisseurs de fabrication mondiale

Capri Holdings travaille avec des partenaires de fabrication dans plusieurs régions:

Région	Nombre de fournisseurs	Lieux de fabrication
Asie	87	Chine, Vietnam, Indonésie
Europe	23	Italie, Portugal
Amérique du Nord	12	États-Unis

Partenaires de distribution de détail

Les principaux canaux de distribution de vente au détail comprennent:

• Grands magasins (Nordstrom, Macy)
• Détaillants de luxe (Bloomingdale, Saks Fifth Avenue)
• Grands magasins internationaux

Plateformes technologiques de commerce électronique

Plateformes de partenariat numérique:

• Farfet
• Amazone
• Net-a-porteur
• Plateformes de commerce électronique appartenant à l'entreprise

Agences de marketing et de publicité

Statistiques de collaboration publicitaire et marketing:

Type d'agence	Nombre de partenaires	Dépenses marketing annuelles
Agences de publicité mondiale	7	412 millions de dollars (2023)
Agences de marketing numérique	12	186 millions de dollars (2023)

Capri Holdings Limited (CPRI) - Modèle d'entreprise: Activités clés

Design de mode de luxe et développement de produits

Capri Holdings Limited conçoit et développe des collections de mode de luxe pour trois marques principales:

• Versace: 159 nouveaux styles lancés dans la collection automne / hiver 2023
• Michael Kors: 214 nouveaux conceptions de produits dans la gamme printemps 2024
• Jimmy Choo: 87 nouveaux conceptions de chaussures de luxe pour la saison 2024

Marque	Taille de l'équipe de conception	Investissement annuel de conception
Versace	52 concepteurs	42,3 millions de dollars
Michael Kors	78 concepteurs	63,7 millions de dollars
Jimmy Choo	34 concepteurs	22,5 millions de dollars

Gestion mondiale de la marque

Capri Holdings gère la présence de marque mondiale sur plusieurs marchés:

• Total des emplacements mondiaux de vente au détail: 1 243 magasins
• Opérationnel dans 67 pays
• Budget de marketing de marque: 287,6 millions de dollars en 2023

Distribution de la vente au détail et en gros

Canal de distribution	Nombre de points de vente	Contribution des revenus
Magasins de détail	756	2,1 milliards de dollars
Canaux en gros	487	1,3 milliard de dollars

Opérations de marketing numérique et de commerce électronique

Métriques d'engagement numérique:

• Revenus de commerce électronique: 612,4 millions de dollars en 2023
• Abonnés des médias sociaux: 45,3 millions
• Dépenses en marketing numérique: 104,2 millions de dollars

Chaîne d'approvisionnement et gestion des stocks

Métrique	Valeur
Valeur d'inventaire total	879,6 millions de dollars
Nombre de partenaires de fabrication	124
Ratio de rotation des stocks	2.7x

Capri Holdings Limited (CPRI) - Modèle d'entreprise: Ressources clés

Portfolio solide de marques de luxe

Capri Holdings Limited possède trois principales marques de luxe:

• Michael Kors (acquis en 2004)
• Versace (acquis en 2018 pour 2,12 milliards de dollars)
• Jimmy Choo (acquis en 2017 pour 1,2 milliard de dollars)

Réseau mondial de vente au détail et de gros

Marque	Magasins de détail	Les pays ont opéré
Michael Kors	871	98
Versace	210	64
Jimmy Choo	155	47

Conception et talent créatif

Total des employés (à partir de 2023): 14 300

• Des équipes de conception à travers Milan, Londres, New York
• Plus de 300 professionnels du design dédiés

Infrastructure technologique numérique

Investissement du commerce électronique: 85 millions de dollars en 2023

• Plateforme de vente au détail omnicanal
• Technologies de marketing numérique avancées
• Systèmes de personnalisation des clients dirigés par l'IA

Capital financier et capitaux propres

Métrique financière	Valeur 2023
Revenus totaux	5,63 milliards de dollars
Revenu net	541 millions de dollars
Capitalisation boursière	7,2 milliards de dollars

Capri Holdings Limited (CPRI) - Modèle d'entreprise: propositions de valeur

Mode et accessoires de luxe premium

Capri Holdings Limited génère 5,649 milliards de dollars de revenus annuels (exercice 2023) grâce à ses marques de mode et d'accessoires de luxe. La proposition de valeur de l'entreprise se concentre sur la fourniture de produits de mode haut de gamme sur plusieurs prix et segments de marché.

Marque	Contribution des revenus	Catégories de produits
Versace	1,2 milliard de dollars	Vêtements, accessoires, chaussures
Michael Kors	3,1 milliards de dollars	Sacs à main, accessoires, montres
Jimmy Choo	542 millions de dollars	Chaussures de luxe, accessoires

Portfolio de marque diversifié s'adressant à différents segments de marché

Capri Holdings gère stratégiquement trois marques de luxe distinctes ciblant différentes données démographiques des consommateurs:

• Versace: mode de luxe italien haut de gamme
• Michael Kors: Marché de luxe accessible
• Jimmy Choo: chaussures de luxe et accessoires

Conception et artisanat de haute qualité

L'investissement de conception représente environ 3 à 5% des revenus annuels, avec 169,47 millions de dollars alloués à la conception et au développement de produits au cours de l'exercice 2023.

Reconnaissance mondiale de la marque

Capri Holdings opère dans plus de 80 pays avec plus de 1 276 magasins de détail dans le monde. Les ventes internationales représentent 57% des revenus totaux, démontrant une forte présence mondiale de marque.

Région	Pourcentage de revenus
Amérique du Nord	43%
Marchés internationaux	57%

Stratégie de tarification de luxe accessible

GAMMES DE PRIX DU PRODUIT Moyenne:

• Michael Kors: 150 $ - 800 $
• Versace: 300 $ - 3 000 $
• Jimmy Choo: 250 $ - 2 500 $

Marge brute: 58,4% (exercice 2023), indiquant une stratégie de tarification efficace et un positionnement de la marque.

Capri Holdings Limited (CPRI) - Modèle d'entreprise: relations clients

Expérience client numérique personnalisée

Au troisième trimestre 2023, Capri Holdings a déclaré des ventes numériques de 586 millions de dollars, ce qui représente 26% des revenus totaux. L'entreprise utilise des technologies de personnalisation avancées à travers les marques Michael Kors, Versace et Jimmy Choo.

Canal numérique	Métriques d'engagement	Taux de conversion
Application mobile	2,3 millions d'utilisateurs actifs	4.7%
Plate-forme de commerce électronique	1,8 million de visiteurs uniques mensuellement	3.9%

Programmes de fidélité

Capri Holdings conserve des programmes de fidélité à plusieurs niveaux à travers des marques avec 5,6 millions de membres actifs dans le monde.

• Programme d'accès Michael Kors: 3,2 millions de membres
• Versace VIP Club: 1,4 million de membres
• Jimmy Choo Rewards: 1 million de membres

Engagement des médias sociaux

Marque	Fondeurs Instagram	Taux d'engagement
Michael Kors	22,1 millions	3.6%
Versace	18,5 millions	4.2%
Jimmy Choo	6,3 millions	2.9%

Événements de marque exclusive

CAPRI Holdings a accueilli 127 événements clients exclusifs en 2023, ciblant des individus à haute navette sur 42 marchés mondiaux.

Service client omnicanal

Les canaux de service client comprennent:

• Support de chat en direct 24/7
• Prise en charge du téléphone en 12 langues
• Temps de réponse par e-mail: 4,2 heures
• Temps de réponse des médias sociaux: 2,1 heures

Canal de service	Taux de satisfaction client
Chat en direct	92%
Support téléphonique	88%
Assistance par e-mail	85%

Capri Holdings Limited (CPRI) - Modèle d'entreprise: canaux

Magasins de vente au détail de marque

En 2023, Capri Holdings exploite 1 271 magasins de détail dans le monde à travers ses trois marques de luxe: Michael Kors, Jimmy Choo et Versace.

Marque	Nombre de magasins	Propagation géographique
Michael Kors	821 magasins	Amérique du Nord, Europe, Asie
Versace	237 magasins	Marchés mondiaux
Jimmy Choo	213 magasins	Lieux internationaux

Grands magasins

Capri Holdings distribue des produits dans les principaux réseaux de grands magasins, notamment:

• Nordstrom
• Bloomingdale
• Saks Fifth Avenue
• Neiman Marcus

Plateformes de commerce électronique en ligne

Les canaux de vente numériques comprennent:

• Sites Web spécifiques à la marque
• Plateformes de commerce électronique de luxe
• Détaillants en ligne tiers

Canal de commerce électronique	Pourcentage des ventes totales
Sites Web de marque	12.4%
Détaillants en ligne tiers	7.6%

Distributeurs en gros

Les revenus en gros de l'exercice 2023 étaient de 1,8 milliard de dollars, ce qui représente 29% du total des revenus de l'entreprise.

Canaux de marketing numérique

• Instagram: 24,5 millions de followers
• Facebook: 16,3 millions d'abonnés
• Tiktok: 8,7 millions d'adeptes

Plateforme de marketing numérique	Taux d'engagement
Instagram	3.2%
Tiktok	5.7%

Capri Holdings Limited (CPRI) - Modèle d'entreprise: segments de clientèle

Millennials riches et Gen Z

Selon le rapport annuel de Capri Holdings 2023, ce segment représente 42% des consommateurs de mode de luxe dans le monde. Dépenses moyennes par habitant: 3 750 $ par an sur les marques de luxe.

Tranche d'âge	Pourcentage du marché cible	Dépenses annuelles moyennes
18-34 ans	42%	$3,750

Consommateurs urbains professionnels

Revenu médian pour le segment professionnel cible: 125 000 $ par an. Concentré dans les grandes zones métropolitaines avec une forte pénétration de marque de luxe.

• Cities primaires: New York, Londres, Shanghai, Tokyo
• Attribution moyenne de la marque de luxe: 6 à 8% du revenu annuel

Acheteurs de luxe soucieux de la mode

Taille du marché mondial de la mode de luxe: 392,4 milliards de dollars en 2023. CAPRI Holdings cible les 15% des consommateurs à la mode.

Segment de marché	Valeur marchande	Capri Holdings pourcentage de cible
Mode de luxe	392,4 milliards de dollars	15%

Marchés internationaux mondiaux

Répartition internationale des revenus pour Capri Holdings en 2023:

• Amérique du Nord: 62% des revenus totaux
• Europe: 22% des revenus totaux
• Asie-Pacifique: 14% des revenus totaux
• Autres régions: 2% des revenus totaux

DÉMOGRATIONS DE L'AGE ET

Segmentation détaillée des clients par âge et niveaux de revenu:

Groupe d'âge	Tranche de revenu	Pourcentage du marché cible
18-24	$50,000-$75,000	12%
25-34	$75,000-$125,000	30%
35-44	$125,000-$250,000	28%
45-54	$250,000+	20%
55+	$150,000-$250,000	10%

Capri Holdings Limited (CPRI) - Modèle d'entreprise: Structure des coûts

Conception et développement des produits

Dépenses annuelles de conception et de développement des produits pour l'exercice 2023: 185,4 millions de dollars

Catégorie de conception	Allocation des dépenses
Design Michael Kors	62,3 millions de dollars
Conception Versace	53,7 millions de dollars
Design Jimmy Choo	41,5 millions de dollars

Fabrication et approvisionnement

Total des coûts de fabrication et d'approvisionnement pour l'exercice 2023: 1,24 milliard de dollars

• Emplacements de fabrication: Italie, Chine, Vietnam, Roumanie
• Pourcentage de fabrication externalisée: 87%
• Coût moyen par unité de produit: 87,50 $

Marketing et publicité mondiales

Total des dépenses de marketing et de publicité pour l'exercice 2023: 412,6 millions de dollars

Canal de marketing	Dépenses
Marketing numérique	186,7 millions de dollars
Médias traditionnels	112,3 millions de dollars
Partenariats d'influence	73,9 millions de dollars

Opérations de magasin de détail

Total des dépenses opérationnelles des magasins de détail pour l'exercice 2023: 743,2 millions de dollars

• Nombre de magasins de détail mondiaux: 1 243
• Coût opérationnel moyen du magasin: 597 420 $ par magasin par an
• Frais de location et de location: 328,5 millions de dollars

Infrastructure technologique numérique

Investissement total de technologie numérique pour l'exercice 2023: 95,6 millions de dollars

Zone d'investissement technologique	Dépense
Plate-forme de commerce électronique	42,3 millions de dollars
Cybersécurité	23,7 millions de dollars
Analyse des données	18,9 millions de dollars

Capri Holdings Limited (CPRI) - Modèle d'entreprise: Strots de revenus

Ventes de magasins de détail

Pour l'exercice 2023, Capri Holdings Limited a déclaré des ventes totales au détail de 5,61 milliards de dollars. La société exploite des magasins de détail dans plusieurs marques, notamment Michael Kors, Jimmy Choo et Versace.

Marque	Nombre de magasins de détail	Ventes au détail (2023)
Michael Kors	1,082	3,2 milliards de dollars
Versace	235	1,1 milliard de dollars
Jimmy Choo	166	573 millions de dollars

Revenus de commerce électronique en ligne

Les ventes numériques de Capri Holdings au cours de l'exercice 2023 ont atteint 1,43 milliard de dollars, ce qui représente 25,5% des revenus totaux.

• Taux de croissance du commerce électronique: 12,3% d'une année à l'autre
• Les canaux de vente numériques comprennent des sites Web spécifiques à la marque et des détaillants en ligne tiers
• Le commerce mobile représente 68% des ventes en ligne

Distribution de gros

Les revenus de gros pour Capri Holdings au cours de l'exercice 2023 étaient de 1,87 milliard de dollars, distribués sur plusieurs marchés mondiaux.

Région	Revenus de gros	Pourcentage de la grosse
Amérique du Nord	1,12 milliard de dollars	60%
Europe	450 millions de dollars	24%
Asie-Pacifique	308 millions de dollars	16%

Accords de licence

Les revenus de licence pour CAPRI Holdings au cours de l'exercice 2023 ont totalisé 92 millions de dollars.

• Partenariats de licence actifs: 17
• Catégories de produits: lunettes, parfums, accessoires
• Durée du contrat de licence moyen: 5 ans

Expansion du marché international

Les ventes internationales de CAPRI Holdings au cours de l'exercice 2023 se sont élevées à 2,64 milliards de dollars, ce qui représente 47% des revenus totaux.

Région	Ventes internationales	Taux de croissance
Europe	1,2 milliard de dollars	8.5%
Asie-Pacifique	980 millions de dollars	11.2%
Reste du monde	460 millions de dollars	6.7%

Capri Holdings Limited (CPRI) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Capri Holdings Limited's remaining brands, Michael Kors and Jimmy Choo, especially now that the Versace business has been divested. The group's overarching mission centers on glamorous style and craftsmanship across its luxury houses. This focus is what anchors the value proposition for each distinct customer segment.

Michael Kors: Accessible luxury, modern glamour, and a Jet Set lifestyle aesthetic.

The value proposition here is centered on a specific, recognizable American luxury aesthetic, though the brand is actively correcting past pricing missteps. The brand had a peak sales volume of about $4.6 billion, and as of late 2025, the revenue was approximately $3 billion, with a stated goal to sustainably return to $4 billion over time. The brand is leaning back into its core customer pricing, noting specific handbag price points like the Alita Soft Shoulder Bag at $398 and the Layla Satchel at $258, which are seen as early success stories in restoring value perception.

Jimmy Choo: High-end luxury footwear and accessories with a focus on craftsmanship.

Jimmy Choo delivers on high-end luxury, particularly in footwear. For the full fiscal year 2025, Jimmy Choo reported revenue of $600 million. The current strategy involves leaning into casual footwear and expanding the accessories offering, which is a no-size business with inherently higher margins. The long-term operating margin target for Jimmy Choo is a low double-digit margin.

Multi-brand portfolio catering to diverse luxury price points.

The portfolio structure, now focused on two distinct brands, allows Capri Holdings Limited to capture different tiers within the luxury market. While Versace was sold for $1.375 billion in cash, the remaining structure targets different consumer needs, from the accessible luxury of Michael Kors to the high-end focus of Jimmy Choo. Here's a look at the latest reported segment revenue context from Q2 Fiscal 2026 (ended September 27, 2025):

Brand	Q2 Fiscal 2026 Revenue	Year-over-Year Change (Reported)	Long-Term Operating Margin Goal
Michael Kors	$725 million	Decreased 1.8%	Low 20%
Jimmy Choo	$131 million	Decreased 6.4%	Low double-digit margin

High-quality design and innovation across apparel, footwear, and accessories.

The commitment to design excellence is a core value driving product innovation. This is evident in the focus areas for each house:

• Michael Kors: Revising pricing architecture to support its 'modern glamour' aesthetic.
• Jimmy Choo: Expanding into casual footwear and accessories for growth.
• Both Brands: Focus on improving the quality of sales and average unit retail prices (AURs).

Global availability through a strong omni-channel distribution network.

Capri Holdings maintains a wide footprint, serving a global clientele through its retail stores and wholesale channels across key regions. The company is deeply focused on strengthening its e-commerce platforms as part of its distribution strategy. The overall group revenue for the full fiscal year 2025 was projected to be around $3.3 to $3.4 billion, demonstrating the scale of this global reach, even amidst a challenging environment. The company is also focused on improving gross margins by getting the accessories business to a minimum of 30% of the overall penetration, as accessories carry higher margins.

Capri Holdings Limited (CPRI) - Canvas Business Model: Customer Relationships

You're looking at the direct connection Capri Holdings Limited maintains with its clientele across Michael Kors and Jimmy Choo as the company pivots post-Versace sale. The focus is clearly shifting to deepening relationships with existing customers while aggressively growing the overall consumer base, which is critical given the luxury sector's sensitivity to service quality.

Dedicated in-store sales associates offering personalized service.

The expectation for personalized service remains high across the luxury segment, which directly impacts repeat business. Across the luxury retail sector, 78% of customer service representatives agree that customers expect more personalized experiences than ever before. Furthermore, 87% of luxury shoppers state they would make repeat purchases following a positive customer service experience. Still, the sector faces challenges, with 52% of luxury retail customer service interactions reported as negative.

Capri Holdings Limited is managing its physical footprint to support this, aiming for a refined presence. The company plans to close 75 Michael Kors stores as part of its optimization strategy, with the majority of its fleet optimization program expected to be completed, leaving approximately 700 stores worldwide.

Loyalty programs and targeted digital marketing based on customer data.

Capri Holdings Limited has invested in its digital infrastructure to better understand and target its consumers. Management noted that over the last couple of years, the company has 'replatformed our e-commerce and all of our data analytics inside the company,' leading to being 'much closer to the customer.' This data focus is evident in the growth of the combined consumer base.

The growth in the customer database for the continuing operations, as of the second quarter of fiscal year 2026 (ended September 27, 2025), shows significant traction from marketing efforts:

Metric	Value	Brand/Scope	Period Reference
New Consumers Added	10.9 million	Total (Michael Kors & Jimmy Choo)	Q2 FY2026
Year-over-Year Growth	13%	Total (Michael Kors & Jimmy Choo)	Q2 FY2026
New Consumers Added	9 million	Michael Kors	Q2 FY2025
Year-over-Year Growth	12%	Michael Kors	Q2 FY2025
New Consumers Added	0.7 million	Jimmy Choo	Q2 FY2025
Year-over-Year Growth	13%	Jimmy Choo	Q2 FY2025

This focus on data is intended to drive repeat purchases, as general consumer data suggests 78% of consumers are more likely to make repeat purchases from companies that provide a personalized experience.

High-touch service for top-tier luxury clients (Jimmy Choo).

For brands like Jimmy Choo, the high-touch experience is paramount. While specific high-tier client metrics aren't public, the luxury sector context shows that 39% of luxury shoppers would make multiple purchases after a positive service experience. The brand's gross margin in Q1 FY2026 was 70.4%, compared to 67.1% in the prior year, partly driven by channel mix, which often reflects successful direct-to-consumer and high-service interactions.

Self-service via owned e-commerce platforms.

The move to self-service is supported by the digital platform overhaul. The company noted that digital sales grew by [percentage]% year-on-year in Q3 FY2025, driven by e-commerce expansion. The company is focused on leveraging its owned platforms for direct consumer engagement, a necessary component as 62% of customers expect experiences to flow naturally between physical and digital spaces.

Finance: draft 13-week cash view by Friday.

Capri Holdings Limited (CPRI) - Canvas Business Model: Channels

You're mapping out Capri Holdings Limited's distribution strategy as they move past the Versace sale and focus on Michael Kors and Jimmy Choo. The channel mix is under active transformation, aiming to improve the quality of sales.

Company-operated retail stores (full-price and outlet).

Capri Holdings maintained a significant physical footprint, which, as of late 2024, included over 1,200 directly operated luxury retail locations globally. The focus in late 2025 is on stabilizing and improving these stores, especially the full-price locations, as part of the turnaround plan. For the second quarter of fiscal 2026, total company retail sales declined high-single-digits year-over-year. Specifically, Michael Kors saw its sales decline 3.8% in the first half of fiscal 2026. Jimmy Choo's retail sales in that same period decreased low-single-digits, while Versace retail sales saw a steeper drop, declining high-teens.

Owned e-commerce websites and mobile applications.

Digital channels are a core part of the Capri transformation program, which aims to expand digital capabilities and enhance the omni-channel customer experience. While specific e-commerce revenue percentages aren't broken out for late 2025, the overall strategy involves leveraging a robust digital platform. The company is working to improve its digital presence to drive desirability for Michael Kors and Jimmy Choo.

Wholesale distribution to department stores and specialty retailers.

The wholesale network remains an important channel for reaching consumers where Capri Holdings doesn't have its own stores. However, this channel faced headwinds in the most recent reported periods. For the second quarter of fiscal 2026, total company wholesale revenue decreased double-digits. This was contrasted by brand performance: Jimmy Choo's wholesale revenue actually increased double-digits in that quarter, whereas Versace wholesale revenue decreased double-digits. The first quarter of fiscal 2026 saw Jimmy Choo wholesale revenue decrease low-single-digits.

Select third-party luxury e-commerce platforms.

The strategy emphasizes a compelling omni-channel consumer experience, which naturally includes selective partnerships on third-party luxury e-commerce platforms. The overall goal is to improve the quality of sales across all avenues, which implies careful management of these external digital partners to maintain brand positioning.

Here's a look at the revenue performance across the continuing operations for the second quarter of fiscal 2026, which gives you the latest view on channel health:

Metric	Q2 Fiscal 2026 Value	Year-over-Year Change
Total Company Revenue (Continuing Operations)	$856 million	Decreased 2.5%
Total Company Retail Sales	N/A	Declined high-single-digits
Total Company Wholesale Revenue	N/A	Decreased double-digits
Jimmy Choo Revenue	$140 million	Increased 6.1%
Michael Kors Sales (First Half FY2026)	N/A	Declined 3.8%

The company is actively executing strategic initiatives across Michael Kors and Jimmy Choo to stabilize the business in the current year and establish a foundation for a return to growth in fiscal 2027. The sale of Versace for $1.375 billion in cash, which closed in the second half of calendar 2025, is intended to strengthen the balance sheet and provide financial flexibility for future investment.

You should track the progress of the 'quality of sales' improvement, as management noted that the sequential improvement in the second quarter was driven by comp growth in the full-price channel. Finance: draft 13-week cash view by Friday.

Capri Holdings Limited (CPRI) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Capri Holdings Limited after the strategic divestiture of Versace, which was agreed upon in April 2025 to be sold to Prada S.p.A. for $1.375 billion in cash. This refocuses the customer segmentation squarely on the Michael Kors and Jimmy Choo brands. The sheer scale of the Michael Kors segment is evident; for the second quarter of Fiscal 2026, ended September 27, 2025, Michael Kors generated $725 million in revenue, representing the vast majority of the continuing operations' total revenue of $856 million for that quarter.

The Michael Kors customer segment is defined by its aspirational and accessible luxury positioning. This group drives the volume for the group, as seen by the 9 million new consumers added to the Michael Kors database in the second quarter of Fiscal 2025 alone, which was a significant portion of the total 10.9 million new consumers added across all brands that quarter.

For Jimmy Choo, the customer base shifts toward high-net-worth individuals seeking luxury footwear and accessories. While Jimmy Choo revenue was $131 million in Q2 FY2026, the brand's operating margin was negative 6.9% in that period, compared to negative 3.6% in the prior year, suggesting pressure even within this higher-end segment.

Capri Holdings Limited serves a global clientele, with performance varying significantly by region. Looking at the most recent reported geographic revenue trends from Q2 Fiscal 2026 (ended September 27, 2025), the Americas saw revenue decrease by 7%, while EMEA increased by 1%, and Asia increased by 12%. This contrasts with earlier trends, such as Q2 Fiscal 2025, where Jimmy Choo saw its EMEA revenue up 25% but Asia revenue dropped 8%.

The focus on growing the customer database speaks directly to targeting younger consumers through digital engagement and specific product lines. The company added 10.9 million new consumers to its global databases in Q2 FY2025, a 13% year-over-year growth, showing an active effort to refresh the base. This digital push is a key action to secure future revenue, especially as the full-year Fiscal 2025 revenue was $4.44 billion, a 14.1% decline from the prior year.

Here is a snapshot of the brand revenue contribution and customer acquisition metrics from the recent fiscal periods:

Metric	Michael Kors	Jimmy Choo	Total Continuing Operations (CPRI)
Q2 FY2026 Revenue (as of Sept 27, 2025)	$725 million	$131 million	$856 million
Q2 FY2025 Revenue Change YoY	Down 16.0%	Up 6.1%	Down 16.4% (Total Company)
New Consumers Added (Q2 FY2025)	9 million	0.7 million	10.9 million (Total)
Q2 FY2026 Operating Margin	10.1%	Negative 6.9%	Negative 1.4%

The overall customer strategy involves maintaining desirability while expanding reach, which is crucial given the group's net debt stood at $1.64 billion as of September 27, 2025, and management is guiding for Fiscal 2026 revenue between $3.375 billion and $3.45 billion.

You can see the segmentation in action through these key customer-facing data points:

• Aspirational/Accessible Luxury Customers (Michael Kors) drive the largest revenue base, with 9 million new consumers added in one quarter (Q2 FY2025).
• High-Net-Worth Customers (Jimmy Choo) are targeted for high-margin luxury, though the brand posted a negative operating margin of 6.9% in Q2 FY2026.
• Global Clientele is geographically diverse, with Asia showing a 12% revenue increase in Q2 FY2026.
• Digital Engagement targets younger buyers, evidenced by the overall 13% growth in the customer database in Q2 FY2025.

Finance: draft 13-week cash view by Friday.

Capri Holdings Limited (CPRI) - Canvas Business Model: Cost Structure

You're looking at the expense side of Capri Holdings Limited's operations as of late 2025, and honestly, it's a story of high fixed costs inherent to the luxury retail game, plus the costs of strategic realignment.

The High Cost of Goods Sold (COGS) is a given, driven by sourcing luxury materials and specialized manufacturing for Michael Kors, Jimmy Choo, and Versace. While specific COGS isn't broken out, the resulting gross margin tells the story. For the second quarter of Fiscal 2026, the reported gross margin stood at 61.0%. Management's full-year guidance for Fiscal 2026 anticipates the gross margin to be in the range of 60.5% to 61%, showing that the cost of product remains a significant portion of revenue, even with efforts like reducing promotional activity.

Operating expenses, which include SG&A (Selling, General & Administrative), are substantial, largely due to the physical footprint. Think about the prime real estate leases and the specialized staffing required across hundreds of global retail locations. For the full Fiscal 2026 year, Capri Holdings anticipates total operating expenses to be approximately $2 billion. This figure encompasses everything from store leases and staffing to corporate overhead and marketing spend.

Marketing and advertising expenses are a constant drain, necessary to maintain brand cachet in the competitive luxury space. While a precise dollar figure for marketing spend in late 2025 isn't immediately available, the focus remains heavily on digital channels to capture the modern luxury consumer. The company has noted that in prior periods, increased marketing investments pressured operating margins.

The current period is also marked by significant restructuring costs tied to strategic shifts, notably the Global Optimization Plan. This plan involves the planned closure of 70-75 stores, with the majority being Michael Kors locations, to streamline the retail footprint. These actions result in charges impacting operating expenses, primarily related to lease termination and store closure costs, which were explicitly noted as impacting operating expenses in the Q2 Fiscal 2025 results.

Finally, the cost of capital is present through debt servicing. As of the second quarter of Fiscal 2025, Capri Holdings reported total borrowings outstanding of $1.71 billion. For that same period (Q2 FY2025), the company reported net interest income of $10 million (Interest expense, net was reported as ($10 million) in the condensed statements, meaning interest income exceeded interest expense). The company's stated strategy post-Versace sale is to substantially reduce debt, which will subsequently lower this interest expense burden.

Here's a quick look at the key financial context surrounding these costs:

Metric	Latest Reported/Guidance Figure	Period/Context
Total Borrowings Outstanding	$1.71 billion	Q2 FY2025 (as requested)
Gross Margin	61.0%	Q2 FY2026 Reported
Full-Year Gross Margin Guidance	60.5% to 61%	FY2026 Guidance
Total Operating Expenses Guidance	Approximately $2 billion	FY2026 Guidance
Net Interest (Income)/Expense	($10 million) Net Income	Q2 FY2025 (Interest Expense, net)
Restructuring Impact	Lease termination and store closure costs	Impacted Q2 FY2025 Operating Expenses

Capri Holdings Limited (CPRI) - Canvas Business Model: Revenue Streams

Capri Holdings Limited generates its revenue primarily through two major channels across its luxury houses: direct-to-consumer (DTC) sales and wholesale distribution. The DTC channel includes sales made through company-operated retail stores and the respective brand e-commerce platforms. The wholesale channel involves selling product to third-party department stores and specialty retailers globally.

For the full Fiscal Year 2025, Capri Holdings Limited reported total company revenue of $4.44 billion. This figure reflects a challenging year for the luxury group, which was further impacted by the planned divestiture of the Versace business, which is expected to be classified as a discontinued operation beginning in fiscal 2026.

To give you a clearer picture of the revenue mix as of the end of the fiscal year, here is the breakdown for the fourth quarter of Fiscal Year 2025, which ended March 29, 2025. Note that the sum of the individual brand revenues is slightly higher than the reported total Q4 revenue of $1.0 billion, which is common due to rounding or unallocated revenue components.

Brand	Q4 FY2025 Revenue (Reported)
Michael Kors	$694 million
Jimmy Choo	$133 million
Versace	$208 million

The revenue streams are segmented across the continuing operations, which are Michael Kors and Jimmy Choo, post-announcement of the Versace sale. The performance of these channels in prior quarters of FY2025 showed distinct trends; for instance, in Q1 FY2025, total company retail sales declined low-double-digits, while wholesale revenue decreased high-teens. In Q2 FY2025, total company retail sales declined high-single-digits, and wholesale revenue decreased double-digits.

Here are the specific financial data points for the revenue streams as required:

• Retail sales (DTC) from company-operated stores and e-commerce.
• Wholesale revenue from sales to department stores and specialty retailers.
• Total company revenue for Fiscal Year 2025 was $4.44 billion.
• Michael Kors revenue was $694 million in Q4 FY2025.
• Jimmy Choo revenue was $133 million in Q4 FY2025.