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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 19, 2025
(Exact name of Registrant as Specified in its Charter)
001-35368
(Commission File Number)
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| British Virgin Islands |
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N/A |
(State or other jurisdiction
of incorporation) |
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(I.R.S. Employer
Identification No.) |
90 Whitfield Street
2nd Floor
London, United Kingdom
W1T 4EZ
(Address of Principal Executive Offices)
44 207 632 8600
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on which Registered |
| Ordinary Shares, no par value |
CPRI |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Emerging growth company |
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| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
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| ITEM 7.01 |
REGULATION FD DISCLOSURE. |
On February 19, 2025, Capri Holdings Limited (the “Company”) issued a press release in connection with its previously announced Investor Day to be held at 1:00pm ET. A link to the live webcast of Investor Day, along with the Investor Day presentation, will be available at the time of the event on the Company’s website, www.capriholdings.com. Further information about Investor Day is provided in the press release, a copy of which is included as Exhibit 99.1 attached hereto and is incorporated herein by reference.
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| ITEM 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
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Exhibit
No. |
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Press Released issued by Capri Holdings Limited, dated February 19, 2025 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. In addition, the information shall not be deemed incorporated by reference in any filing of the Company with the Securities Exchange Commission, except as expressly set forth by specific reference in any such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CAPRI HOLDINGS LIMITED
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Date: February 19, 2025 |
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By: |
/s/ Thomas J. Edwards, Jr. |
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Name: |
Thomas J. Edwards, Jr. |
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Title: |
Executive Vice President, Chief Financial Officer and Chief Operating Officer |
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EX-99.1
2
cpri8-k021825exhibit991.htm
EX-99.1
Document
Exhibit 99.1
Capri Holdings Announces Long-term Financial Targets
London — February 19, 2025 — Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, is hosting its 2025 Investor Day in New York City today. In conjunction with the event, the Company is introducing long-term financial targets.
John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “We are optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors as we execute our strategic initiatives. Our powerful brands have enduring value and proven resilience, reinforcing our confidence in their ability to deliver revenue and earnings growth over time.”
Outlook
The following guidance is provided on an adjusted, non-GAAP basis. Financial results could differ materially from the current outlook due to a number of external events which are not reflected in our guidance, including changes in global macroeconomic conditions, greater than anticipated inflationary pressures or loss of consumer confidence, and further considerable fluctuations in foreign currency exchange rates.
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FY25E |
FY26E |
FY27E |
FY28E |
FUTURE |
Total Revenue |
$4.4B |
$4.1B |
$4.4B |
$4.7B |
$6.3B |
Michael Kors Revenue |
$3.0B |
$2.75B |
$3.0B |
$3.2B |
$4.0B |
Versace Revenue |
$810M |
$800M |
$850M |
$900M |
$1.5B |
Jimmy Choo Revenue |
$600M |
$550M |
$575M |
$600M |
$800M |
Adjusted Operating Margin |
2.3% |
3.7% |
HSD% |
LDD% |
High-Teen% |
Michael Kors Operating Margin |
LDD% |
LDD% |
Mid-Teen% |
Mid-Teen% |
Low-20% |
Versace Operating Margin |
(HSD)% |
Break-Even |
MSD% |
HSD% |
High-Teen% |
Jimmy Choo Operating Margin |
(LSD)% |
Slightly Negative |
LSD% |
MSD% |
LDD% |
Investor Day Event Details
The event will begin at 1:00 p.m. ET today and is expected to conclude by 3:30 p.m. ET. A live video broadcast of the event can be accessed on the Company’s Investor Relations website, www.capriholdings.com. A replay will be available shortly after the conclusion of the live event.
About Capri Holdings Limited
Capri Holdings is a global fashion luxury group consisting of iconic, founder-led brands Versace, Jimmy Choo and Michael Kors. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.
Forward-Looking Statements
This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included herein, including our long-term financial targets, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors are identified in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-Kfiled with the Securities and Exchange Commission. Please consult these documents for a more complete understanding of these risks and uncertainties. Any forward-looking statement in this press release speaks only as of the date made and Capri disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.
CONTACTS:
Investor Relations:
Jennifer Davis
+1 (201) 514-8234
Jennifer.Davis@CapriHoldings.com
Media:
Press@CapriHoldings.com
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