Update 2 - Capri Holdings appoints Estée Lauder veteran Justin Boxford as new CEO

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Reuters, November 11 - Capri, the parent company of Michael Kors CPRI.N, announced on Wednesday that Justin Boxford will replace company veteran John Idol as Chief Executive Officer, effective January 4.

Before joining Capri, Boxford worked at The Estée Lauder Companies for nearly 23 years, during which time he held several positions, including Senior Vice President in charge of The Estée Lauder (EL.N) and Tom Ford Beauty brands business outside North America.

Boxford previously served as Global President of Estée Lauder’s luxury beauty brands.

This leadership change comes as Capri is focused on rejuvenating demand for Michael Kors by revamping stores and investing in new products, as inflation-hit consumers are becoming increasingly selective with discretionary spending.

The owner of Jimmy Choo last month raised (link) its annual revenue and profit forecasts, as it expects that new product launches and increased marketing efforts will restore sales growth.

Idol, who has led the company since December 2003, was instrumental nearly a decade ago in the acquisition of Jimmy Choo, as well as the purchase of Versace last year and the eventual sale of the company for $1.4 billion.

In addition, during the period in 2024 when Capri attempted but ultimately failed to merge with Coach’s parent company Tapestry TPR.N in an $8.5 billion deal, he was also CEO of Capri.

Capri shares edged lower in pre-market trading.

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