Capri is making changes at Michael Kors as it tries to reinvigorate its top brand.
Cedric Willmote, who had served as Michael Korsâ chief executive since January 2023, will step down from the role and be replaced Capri Holdings CEO and chairman John Idol, the company announced in a statement Tuesday.
The brand also revealed that Philippa Newman, who joined the brand more than 14 years ago and was most recently its president of accessories and footwear, will take on the role of chief product officer, overseeing design, production and licensing. She will share these responsibilities with the brandâs founder and chief creative officer, Michael Kors.
The changes are an effort to restart momentum at the largest brand under the Capri umbrella and return the label to growth following the failed $8.5 million merger between the group and rival Tapestry, which owns Coach, Kate Spade and Stuart Weitzmann. Investors had expressed scepticism that, without Tapestry, Capri would be able to turn itself and Michael Kors around after years of sales declines.
âDue to the merger, we did not place as much of an emphasis on our long-term planning,â Idol recently told The Business of Fashion.
With the consolidation of design, merchandising and production, Newman said in a statement that sheâs confident a âunified teamâ will be able to effectively execute the brandâs strategy to deliver âmore targeted product to different consumer cohorts.â The brand also plans to re-energise its wholesale business and shutter 75 stores in the next two years. Analysts predict the label will also slash prices.
âWe are moving quickly to implement strategic initiatives to stabilise revenues and return to growth,â Idol said in a statement.
Learn more:
Where Does Michael Kors Go From Here?
Without Tapestry, Capri Holdings has a tough road ahead to return its biggest brand to growth.
