U. K.-based luxury fashion firm Capri Holdings (CPRI) has appointed Joshua Schulman as the CEO of Michael Kors, effective August 24. Furthermore, Schulman will become the CEO of Capri Holdings in September 2022 when the current CEO, John D. Idol, will become Executive Chairman.
The company designs and sells sportswear, footwear, apparel and accessories for men and women under the brand names Jimmy Choo, Versace and Michael Kors. (See Capri stock chart on TipRanks)
In the beginning, Schulman will oversee all aspects of the Michael Kors brand globally and report to Idol, who is also the Chairman of Capri Holdings. Additionally, in September 2022, Schulman will join Capri’s Board of Directors.
Idol said, “Josh’s appointment is part of a thoughtfully planned leadership succession. Over the course of the next year, Josh will immerse himself in the Michael Kors brand. His results-driven leadership style and passion for building consumer-centric global brands will be instrumental in maximizing the full potential of our three luxury fashion houses.”
Schulman joins Capri Holdings from a New York-based luxury fashion holding company, Tapestry (TPR), where he served as the President and CEO of the Coach brand.
Capri Holdings’ shares closed 2.4% higher at $43.31 on Tuesday.
On August 2, BTIG analyst Camilo Lyon reiterated a Buy rating on the stock and raised the price target to $90 from $85 (48.6% upside potential).
After Capri Holdings announced its first-quarter financial results, the analyst said, “In Kors segment, the quarter saw signature penetration increasing to 36% from 30% last year, along with broad-based strength across categories and recovering store traffic.”
Overall, the stock has a Moderate Buy consensus rating based on 13 Buys and 5 Holds. The average Capri Holdings price target of $72.19 implies 19.2% upside potential. Shares of the company have gained nearly 190% over the past year.
According to TipRanks’ Smart Score rating system, Capri Holdings scores a Perfect 10, suggesting that the stock is likely to outperform market averages.
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