A stellar performance by Versace. During the first half (April – September) of the FY 21-22, the brand’s sales increased by 80%, going from 288 million to 522 million USD. An outcome that allows Capri Holdings, which owns the Italian brand, to expect the brand to go beyond the 1-billion USD mark by the end of the fiscal year. But it’s not just Versace that is brining light to the US-based group. Two other brands controlled by the group, Michael Kors and Jimmy Choo showed significantly positive results in the second quarter of FY 21-22.
Capri Holdings’ optimism
Capri Holdings has re-forecasted its estimates. The optimism comes from some concrete feedback though. For example, the higher demand for luxury goods as a consequence of the lift in pandemic-related restrictions. But also the increase of full-price sales along with higher average spending. A factor, the latter, that is mainly related to Michael Kors and Jimmy Choo, and one that tends to “compensate for inflation and the increments in raw material and transportation prices”.
Stellar for Versace
Capri Holdings’s revenue for the quarter June-September was of 1.3 billion USD: +17% at current rates and +15% at constant rates. The increment was above expectations. Net profits were 200 million USD against the 122 million of the same period of the previous year (+64%). The semester, on the other hand, recorded profits for 282 million USD, up 45% against the previous year. Jimmy Choo made 137 million USD in sales (+12% on 2020) and Michael Kors went up by 11% (881 million). The holding’s forecast for the year include a revenue of 5.4 billion USD, 3.77 of which from Michael Kors, 1.06 from Versace and 575 million from Jimmy Choo.
Image from versace.com