Justin Boxford, who has nearly 23 years of experience at Estee Lauder, will take over from John Idol, who has led Capri since 2003.
This leadership transition comes at a critical time for Capri, as it aims to revitalize the Michael Kors brand through store renovations and new product investments, particularly as consumers are becoming more selective with their discretionary spending due to inflation.
Capri recently raised its annual revenue and profit forecasts, anticipating a rebound in sales driven by new collections and enhanced marketing efforts. Idol's tenure included significant events such as the acquisition of Jimmy Choo and the sale of Versace for $1.4 billion, as well as a failed merger attempt with Tapestry in 2024.
Following the announcement, Capri's shares experienced a slight decline in premarket trading