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Watches falling out of favor, Capri CEO says, sending shares of Fossil, Movado lower

Courtney Reagan

While Capri Holdings CPRI  just put up a quarter that beat profit expectations , CEO John Idol pointed out a key weakness in one category that pulled down shares of several competitors. The parent company of Michael Kors, Versace and Jimmy Choo is seeing weakness in sales of fashion watches. "[The] fashion watch category continues to see declines globally, and we are being impacted by this secular trend," Idol said on the fiscal third-quarter conference call.