Price rises on the way at Michael Kors and Versace.
In Irish fashion news, 3 luxury fashion houses have said they expect to raise the price of the fashion and accessory range. These include and Jimmy Choo, Michael Kors, Versace brand which are all under the ownership of Capri Holdings.
Things are looking up for the company since the world has started to relax lock down restrictions. Non luxury fashion houses and labels benefited greatly since the beginning of COVID-19 with customers turning to the next to buy their fashion and accessories.
However, luxury fashion brands experienced the other end of the scale with some experiencing huge decreases in demand. It’s not all bad news for Capri Holdings and their Jimmy Choo, Michael Kors, Versace brands. The company has seen a 24% rise in sales in the first quarter of trading which in turn have raised their revenue outlook
Since the ending of most COVID-19 restrictions, there has been a higher demand for luxury fashion goods which has led to a speedier recovery in sales for most luxury fashion houses.
John Idol who is the chief executive officer for Capri Holdings told international news organisation, Reuters that his company are now looking towards repositioning their brands, especially with Versace goods which will charged at higher prices
Idol said, “We’ve seen absolutely no consumer resistance to any of the price increases that we have taken, and there will be more as well.”
According to figures from Reuters, Capri Holdings forecast revenue of $5.56 billion in the coming year 2022 which is up on their forecast of $5.4 billion dollars. The company expects their annual profit per share to be worth $6 dollars which is up up from $5.30 dollars per share.
Irish fashion news. Price rises on the way at Michael Kors and Versace.
