Capri Holdings Limited (CPRI): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how the remaining luxury powerhouses, Michael Kors and Jimmy Choo, are structured after the big Versace divestiture. Honestly, understanding the engine room of Capri Holdings Limited now means looking past the headlines at the core mechanics. With a total Fiscal Year 2025 revenue hitting $4.44 billion, driven by Michael Kors bringing in $694 million in Q4 alone, the model clearly hinges on balancing accessible luxury with high-end craftsmanship across its 1,200+ global stores. Dive into the nine blocks below to see precisely where they are deploying the $1.375 billion cash infusion from the sale and how they plan to manage the ongoing restructuring, like those 70-75 store closures. It's a blueprint for navigating the current luxury landscape, so let's break it down.

Capri Holdings Limited (CPRI) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Capri Holdings Limited maintains to keep its remaining brands, Michael Kors and Jimmy Choo, moving product globally as of late 2025. It's a network built on outsourcing production and relying on established retail channels, though the structure is shifting post-Versace sale.

The company's overall revenue for the second quarter of Fiscal 2026, which ended September 27, 2025, was $856 million, a reported decrease of 2.5% year-over-year. The gross margin for that quarter stood at 61.0%.

Global Third-Party Manufacturing Suppliers

Capri Holdings generally relies on a multi-supplier strategy, contracting for finished goods with independent third-party manufacturing contractors for its Jimmy Choo and Michael Kors brands. Only two directly owned facilities, located in Italy, handle some production. Tariffs remain a key external factor impacting these relationships; they negatively impacted the gross margin rate by approximately 130 basis points in the second quarter of Fiscal 2026. Management is actively working with sourcing partners on costing efficiencies to mitigate this.

Here's a look at the financial context surrounding the supply chain and sales channels:

Metric	Value (Q2 Fiscal 2026 Ended 9/27/2025)	Prior Year Comparison (Q2 FY2025)
Total Revenue	$856 million	Decreased 2.5% (Reported)
Gross Margin	61.0%	Down from 62.3%
Michael Kors Revenue Contribution (Q4 FY2025)	$694 million (Q4 FY2025)	Decreased 15.6% (Q4 FY2025)
Net Inventory	$766 million (as of 9/27/2025)	A 2.8% decrease compared to prior year

Wholesale Distribution Partners

Wholesale partners, such as department stores, are critical for reaching consumers, although this channel has seen softness. In the second quarter of Fiscal 2026, revenue from the wholesale channel decreased 4.2% in constant currency. This follows a double-digit decrease in the second quarter of Fiscal 2025 and a high-teens decrease in the first quarter of Fiscal 2025. To counter this, Capri Holdings is strategically raising prices in the outlet segment of the wholesale business.

E-commerce Technology Platforms

Capri Holdings has been replatforming its e-commerce and data analytics infrastructure internally. The company has engaged with major technology partners to support this digital expansion, which is part of a multi-year transformation program intended to improve operating effectiveness.

• The company is actively working with partners like Microsoft and Salesforce for technology integration.
• Michael Kors has established an official storefront on Amazon to reach a broader customer base.
• The transformation program covers supply chain, omni-channel customer experience, and e-commerce capabilities.

Logistics and Shipping Providers

While specific logistics provider names or direct financial data aren't explicitly detailed, the efficiency of the global supply chain is a focus area within the Capri transformation program. The company manages inventory carefully, as evidenced by earlier than anticipated receipts causing a 1% net inventory increase at the end of Fiscal 2025.

Creative and Digital Marketing Agencies

Partnerships with creative and digital agencies support brand storytelling and drive sales quality. For Michael Kors, the engagement with face of the brand Suki Waterhouse is noted for creating significant engagement with new, younger consumers. These marketing initiatives are cited as a key component in driving higher full-price sell-throughs.

Finance: review the impact of the 130 basis point tariff headwind on Q3 FY2026 cost of goods sold by next Tuesday.

Capri Holdings Limited (CPRI) - Canvas Business Model: Key Activities

You're looking at the core actions Capri Holdings Limited is taking right now to stabilize and reposition its remaining two houses, Michael Kors and Jimmy Choo, following the planned sale of Versace.

Luxury fashion design and product development for Michael Kors and Jimmy Choo.

The focus here is on re-energizing the brands through product alignment with consumer desires. For Jimmy Choo, this involved sequential improvement driven by new product launches, such as the Sinch bag, which became the brand's best-selling day bag. Long-term design goals are anchored to specific revenue milestones:

• Targeted long-term revenue for Michael Kors: $4 billion over time.
• Targeted long-term revenue for Jimmy Choo: $800 million over time.

Managing a global direct-to-consumer (DTC) retail store network.

A significant activity involves pruning the physical footprint to elevate brand perception, especially for Michael Kors. This is a clear action to improve store productivity and reduce exposure in less profitable locations.

Brand	Store Fleet Action/Target	Metric/Timeline
Michael Kors	Store fleet reduction	Shrinking to 650 locations from 750
Michael Kors	Store closures	On track to close 75 underproductive stores in fiscal '26
Michael Kors	Store renovations	Planning to renovate approximately 50% of the fleet over the next three years

Strategic pricing architecture reset, especially for Michael Kors.

Capri Holdings is actively correcting past pricing missteps at Michael Kors by aligning with historical levels to reconnect with the core customer. This required a deliberate reduction in wholesale exposure to control brand presentation.

• Eliminated about $200 million in wholesale distribution during fiscal 2025 to improve the quality of sales.
• Exited 30% of U.S. department store doors over the past year (as of Q1 FY2026).
• For Michael Kors, AUR (Average Unit Retail) trends turned positive in the full-price channel for the first time in three years (as of Q1 FY2026).

Global supply chain and inventory management to reduce net inventory to $869 million (FY2025).

Inventory control is a critical activity, evidenced by the figures at year-end and mid-year 2025. The stated goal for the end of FY2025 was met, though the latest figure shows further reduction.

Net inventory as of the end of fiscal year 2025 (March 29, 2025) was $869 million. By the second quarter of fiscal 2026 (September 27, 2025), this was further reduced to $766 million, representing a 2.8% decrease compared to the prior year. Full fiscal year 2025 cash flow activity supported this: Free cash flow for the full fiscal year 2025 was $153 million, generated from cash flow from operating activities of $281 million less capital expenditures of $128 million.

Investing in e-commerce and data analytics capabilities.

The strategy includes leveraging digital channels to reach consumers and clear inventory. This is a necessary action given the shift in consumer behavior.

Michael Kors is exploring an Amazon storefront, where purses and bags are sold for between $59 and $400, which contrasts with retail outlet pricing from under $50 to more than $3,000. The company is also using data analytics to drive engagement. As of Q2 FY2026, the Michael Kors global database increased by 9 million new consumers, showing 12% growth year-over-year.

Capri Holdings Limited (CPRI) - Canvas Business Model: Key Resources

You're looking at the core assets Capri Holdings Limited relies on to drive its business now, especially after the strategic divestiture of Versace. Honestly, these resources are what underpin the entire Michael Kors and Jimmy Choo focus moving into fiscal 2027.

Iconic Brand Heritage and Intellectual Property

The foundation remains the strong, established DNA of the remaining two houses. Michael Kors, founded by its namesake in 1981, anchors the accessible luxury segment, while Jimmy Choo represents the high-end footwear and accessories space. This heritage is the intangible asset that commands pricing power and consumer loyalty, which is crucial as the company works to stabilize its business in the current year.

Global Retail Footprint

The physical presence is a key mechanism for brand experience and direct revenue capture. Following the classification of Versace as a discontinued operation, the directly operated store count for the continuing business (Michael Kors and Jimmy Choo) as of the end of the first quarter of fiscal 2026, June 28, 2025, was:

Brand	Directly Operated Retail Stores (as of Q1 FY2026)
Michael Kors	695
Jimmy Choo	217
Total Number of Retail Stores	912

This network is used for direct-to-consumer sales, which is a critical revenue stream.

Founder-Designers and Experienced Senior Management Team

The continuity of leadership is a vital resource for navigating the current transformation. Key personnel include:

• Chairman and Chief Executive Officer: John D. Idol.
• The team is focused on executing strategic initiatives to return the remaining brands to growth.

Extensive Customer Databases

Direct access to consumers via proprietary databases is essential for targeted marketing and driving sales velocity. The growth in these assets shows continued consumer resonance:

• Michael Kors added 9 million new consumers to its global database in the second quarter of fiscal 2025.
• Across all three brands (including the then-current Versace), the total addition was 10.9 million new consumers in Q2 FY2025, representing 13% growth versus the prior year for the combined group.

Financial Flexibility from Asset Sale

The recent transaction provided a significant balance sheet resource. Capri Holdings Limited completed the sale of Versace for $1.375 billion in cash on December 2, 2025. The plan was explicit: use these proceeds to repay the majority of outstanding debt, which will substantially strengthen the balance sheet and reduce leverage, providing greater financial flexibility for investment in the core brands.

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.